April 1, 2020, WJHG-TV – “Lisa Miller, CEO of Lisa Miller & Associates and former Florida Deputy Insurance Commissioner, said, “Business interruption covers major businesses interrupted for example when your freezer goes out when the hurricane hits. There’s no way to say that there’s physical loss when people just stop coming to your business.” “Many are working with the insurance industry to say to the insurance industry ‘look, we know you don’t cover it- go ahead and pay the claim and we’ll figure out how to pay you back.’ That hasn’t happened yet but that’s in conversation right now,” said Miller. (Original story location: https://www.wjhg.com/content/news/Already-struggling-businesses-find-new-challenges-with-insurance-claims-569271491.html)
BAY COUNTY, Fla. – “We’ve just surpassed a million dollars worth of lost revenue,” said John Haas, director of operations & co-owner of Laguna Beach Christian Retreats.
Immediately after groups began canceling their reservations at Laguna Beach Christian Retreats Haas looked into his business interruption insurance policy only to find it couldn’t be triggered by COVID-19.
“It was tough initially I mean we just had some level of expectation that it would be covered because our business is interrupted just by the layman’s definition of the term,” said Haas.
Now he is one of the countless small business owners across the country left with nowhere to turn.
Lisa Miller, CEO of Lisa Miller & Associates and former Florida Deputy Insurance Commissioner, said, “business interruption covers major businesses interrupted for example when your freezer goes out when the hurricane hits. There’s no way to say that there’s physical loss when people just stop coming to your business.”
After 9/11 Congress worked with insurance companies to pass the Terrorism Risk Insurance Act in response to the uninsurable disaster.
Now there’s discussion among federal lawmakers about passing a similar bill. “Many are working with the insurance industry to say to the insurance industry ‘look, we know you don’t cover it- go ahead and pay the claim and we’ll figure out how to pay you back.’ That hasn’t happened yet but that’s in conversation right now,” said Miller.
Local congressman Dr. Neal Dunn said he’d throw his support behind such a bill. “Probably, but you know the devil’s in the details,” he said, but he first wants to evaluate the success of the newly passed two-trillion dollar stimulus bill.
“There’s a lot of loan forgiveness in this too. So two and a half months of payroll is going to be paid for by the government and your bank can loan you that money on the strict of nothing but knowing you and seeing your payroll,” said Dunn.
Until then, the Laguna Beach Christian Retreats will remain vacant. “You know God is sovereign, he’s in control of our business and of this situation, so we’re just hopeful that this is going to be eradicated and we’re gonna be able to move on and have groups here soon.”>
Miller said another way a business interruption claim can be made is through instances like a government shutdown, but she adds it’s important to file your claim regardless of your coverage and speak with your federal lawmakers if you’d like to see some sort of legislative help.
(The full interview with Lisa Miller about business interruption policies can be viewed here: https://www.wjhg.com/video?vid=569289792)
Copyright 2020 WJHG.
