Commercial Property Insurance Coverage for COVID-19-Related Income Loss
Two types of commercial property insurance may cover COVID-19-related income loss for businesses: Business interruption coverage, which covers loss of income that results when damage to a business’s property prohibits the business from operating; and Contingent business interruption coverage, which covers loss of income that results when damage to a business’s supplier’s property prohibits the business from operating. To trigger either coverage, “direct physical loss or damage” to property is required. The Minnesota Court of Appeals has held “physical loss” More +