Your Zika-Related Losses May Be Covered by Your Business Interruption Insurance: What You Need to Know

Zika-Related LossesHow do I qualify?

Most commercial property insurance policies contain coverage for business interruption insurance or business income insurance. If the declarations page of your commercial property insurance policy identifies such coverage, you may qualify. The terms, conditions, and exclusions of every insurance policy are different, and therefore, whether a claim is payable will depend on the specific language of your policy.

Will my premiums go up if I make a claim?

Insurance companies take many things into account when setting premiums, including your claim history. Each insurance company rates risk differently, and therefore, the extent to which a claim might impact your premiums will vary from insurance company to insurance company. However, in 2014 CNN Money reported that the average premium increase for a homeowner that makes its first insurance claim is 9%. We do not recommend pursuing a claim unless your Zika-related losses are significantly higher than your property insurance premiums.

How do I make a claim?

The procedure for submitting a claim varies from policy to policy. An attorney who specializes in insurance law can walk you through the procedure for submitting a claim to your insurance carrier, and whether the language of your policy will require the insurance company to pay your claim.

If I need to hire counsel, how much would that cost?

Most insurance attorneys will not charge you for an initial assessment to review your policy and evaluate whether a claim can be made. Should you wish to engage an insurance attorney, many will handle your claim on a contingency basis, which means you will only pay them if you recover from the insurance company.

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Shutts & Bowen, established in 1910, is a full-service business law firm with approximately 300 lawyers located in eight offices across Florida.

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