Businesses around the country are either closing or incurring substantial reductions of business activity due to the COVID – 19 virus. This presentation will focus on the possible ways insurance may help with the recovery from such business losses.
There will be a discussion of Business Interruption and Contingent Business Interruption insurance coverage, as well as Event Cancelation insurance coverage and General Liability insurance, which may be implicated by claims that banks did not do enough to forestall any losses. The focus primarily will be on whether there may be insurance that covers the shutdown of business activities due to Civil Authority orders or the presence of the virus in relevant locations.
There also will be a focus on whether there can be insurance coverage due to the shutdown of business activities of customers and dependent properties that may affect the income of banks. And, there will be a discussion of the insurance implications of canceling events due to COVID – 19.
Finally, there will be a discussion of whether customers can assign their insurance claims to the banks as collateral or whether that will vitiate the insurance rights. There is all critical information that banks need to know for themselves and in order to educate their customers in this very turbulent time.
Presenter: Walter Andrews, Hunton Andrews Kurth
ICBA Community Banks: Complimentary
1 CPE Credit