Restaurants find insurance of no help in coronavirus
Partner and chair of Herrick's Insurance & Reinsurance Group, Alan Lyons was quoted in an article in Crain's which details New York City restaurant owners frustration with rejected insurance claims in the wake of the COVID-19 epidemic. Restaurants are relying on business interruption insurance, which is structured to cover physical damange and does not cover viruses. Businesses looking to recover from COVID-19 related losses will have to fight. "There will be arguments across many states that the physical damage requirement is satisfied by the virus," said Lyons "It may be that there are decisions throughout the country interpreting physical damage in this context differently."