The COVID-19 crisis is having an unprecedented effect on public health and our economy. Yesterday, Florida Governor Ron DeSantis issued Executive Order Number 90-21. This mandates everyone to stay at home and limits activity to only essential services. Certainly, everyone’s first concern should be to follow the government mandates concerning public safety. However, many of us are also forced to deal with the impact on our businesses.
If you are business owner, hopefully you have business interruption insurance. Business interruption insurance is insurance coverage that replaces income lost in the event that business is halted for some reason, such as a fire or a natural disaster. This type of insurance may also cover operating expenses, a move to a temporary location if necessary, payroll, taxes, and loan payments.
If you have not already done so, we strongly suggest that you review your business, property and other insurance policies for this type of coverage. You should also review the notice provisions of the policy to ensure that you timely comply with any requirements. Additionally, because of Executive Order 90-21, we suggest looking for policy language concerning extension of coverage in the event of a business closure by order of Civil Authority. Your insurance may also have additional provisions and exclusions that may be triggered as a result of COVID-19 or other viruses.
If you require assistance with this process, Rossway Swan is here to help. Attorney Thomas W. Tierney and Attorney Román Ortega-Cowan in our Commercial and Business Litigation Department are available to answer any questions you may have.