Business income (interruption) insurance has received a lot of attention since the beginning of the pandemic due to business closures across the globe. Unfortunately for business owners (in the U.S. and most other countries), business income losses were not covered due to a virus exclusion.
The businesses forced to close or curtail their normal business operations due to COVID-19 restrictions or requirements suffered tremendous losses, which were unrecoverable under their policies. While some businesses were able to pivot and thrive during the pandemic, many had to close their doors permanently. Business owners need to pay close attention to policy language to have a clear understanding of their coverage in the event of a business interruption.
News The Jewellers Association of Australia (JAA) has corrected the false claims it made about its financial affairs in a statement published on 31 March. These false claims were first documented b...