Some of the shuttered storefronts across New York will likely never open again.
COVERAGE A FOR THE CORNER STORE Some New York lawmakers think insurance companies should pay out to small businesses shuttered due to the pandemic – regardless of what their policies say.
S THE CORONAVIRUS pandemic rages in New York, more and more businesses are shuttering, both temporarily and permanently. The federal government has been providing relief across multiple aid packages, but for some struggling small-business owners, it hasn’t been enough. Some owners are turning to their business interruption insurance policy for a payout to keep them afloat, only to find out that type of insurance doesn’t cover pandemics. Lawmakers in New York say insurance companies are trying to game the system during an unprecedented crisis. The state Legislature is considering legislation that would force insurance companies to make claim payments even when the contract doesn’t include, or even explicitly excludes, pandemics. But members of the insurance industry say business interruption insurance was never intended for the kind of situation the country is facing, and forcing payments would be an illegal move that could bankrupt the industry.
RBLFMR, QUIGGYT4/SHUTTERSTOCK
by R E B E C C A C . L E W I S
