COVID-19 Resource Center
We are living in an incredible time and we at Carey, Richmond & Viking hope that we can be a resource for you as we navigate the days ahead in both our work and home lives. We have created this resource center to provide relevant information regarding COVID-19. Included are helpful links to information regarding health departments, state government, insurance and working from home. We continue to receive and review information daily and will update this center as often as possible, so please check back regularly.
Quick links to each section of our resource center
- Current news and updates
- Information for Employers
- Working from home
- Recommendations for Coverage
- Archive of letters to our customers
We have put together a Q&A related to COVID-19, to try and answer some common business insurance questions. Please feel free to contact someone at CRV if you have a more specific question that is not addressed here.
Q: Are insurance carriers providing any flexibility on payments that are due during the COVID-19 crisis?
A: We have been notified by most insurance carriers that they are willing to work with customers in these difficult times. Most have agreed to suspend cancellations for non-payment of premium for some period of time. It’s important to contact the carrier to let them know your specific situation so please contact your Account Manager at CRV and we can help you with this.
Q: Will my commercial insurance policies respond to COVID-19 related property or business income claims?
A: Property and Business Income claims typically require some sort of “direct physical loss” to the property to trigger coverage. The early guidance is that COVID-19 is not creating a “direct physical loss” to the property and so coverage is not apparent. Additionally, many policies contain virus or bacteria exclusions. If you have suffered a loss to your business, please contact us at CRV and we will submit a claim on your behalf and the carrier will make a determination of coverage based on your specific loss and policy forms.
Q: My business was ordered closed by the governor, would my policy respond in this instance?
A: There is a section of most policies which refers to “civil authority”, however, this refers to the same language in the property policy, which requires a “direct physical loss” to property. In this case the loss would be somewhere away from your own premises, which is prohibiting the access to your premises.
Q: Is there coverage for lost income if I voluntarily close my business for some time during this crisis?
A: As in the previous questions, for a policy to respond, there needs to have been a “direct physical loss” to the property for coverage to be triggered.
Q: What if the products at my business spoil?
A: Product Spoilage requires a specific and unique Spoilage Covered Cause of Loss. These are a change in temperature or humidity due to a mechanical breakdown or failure of equipment, or contamination by a refrigerant or power outage. Any alleged COVID-19 (coronavirus) exposures or spoilage from the extended shelf life of a product is not a Spoilage Covered Cause of Loss.
Q: If I own a restaurant and there is the potential of Food Contamination, will I be covered?
A: This additional coverage for Contamination will pay for costs to clean and sanitize the premise, if the insured’s operations are suspended due to “contamination.” A governmental agency, such as a Health Department, must close a specific business because of the discovery or suspicion of food contamination. Because COVID-19 is spread through human contact and is not seen as a foodborne illness, it would be unlikely to trigger this coverage.
Q: If one of my employees shows symptoms of COVID-19 or tests positive for the virus, can they file a claim for Workers’ Compensation?
A: To be covered under Workers’ Compensation, a workers illness must arise out of and in the course of their employment. It would be difficult for most employees to satisfy both requirements, unless they are employed in a field that regularly exposes them to the illness, like a health care worker. If you have a potential workers’ compensation claim, please contact CRV and we will submit the claim and have the carrier make a determination as to potential coverage.”
The CARES Act federal stimulus package (Updated 4/5/19)
Last week the President signed the CARES Act federal stimulus package into law. Included in the Act are several small business emergency loan programs to help businesses mitigate their mounting economic losses due to the COVID-19 pandemic and incentivize them to keep their workers employed. It's important for all businesses impacted by COVID-19 to understand these programs. The programs became available this week and are designed to get funds to applicants quickly and include significant loan forgiveness provisions as well.
Flood Policies with Selective Insurance (Updated 4/1/19)
FEMA has issued a bulletin extending the grace period for payment of National Flood Insurance Policy premiums due to COVID-19. For policies with an expiration between February 13th, 2020 and June 15th, 2020, FEMA has extended the grace period for receipt of renewal premium payments from 30 to 120 days. This extension allows customers additional time to pay their flood premiums to avoid any lapse or reduction in flood coverage
- Understanding the Historic $2 Trillion Stimulus Package
Below are links to various government agencies
- World Health Organization
- CDC (Centers for Disease Control and Prevention)
- State of Rhode Island Department of Health
- Rhode Island Unemployment Claims
- Massachusets Department of Public Health
- Massachusets Unemployment Claims
- Coronavirus Bill Requiring Paid Employee Leave Signed Into Law
- Coronavirus Compliance Considerations for Employers
- COVID-19 Workplace Fact Sheet
- An Employer's Guide to Managing Remote Employees
- Restaurant RI - Considerations When Starting a Delivery Service
Working from home can sound like a dream for some, but it may be a nightmare for others.
For those of you who are now home with children who are looking for things to do, please check out this website. It’s full of educational links to keep your kids busy and learning at the same time.
At this time, the market does not offer policies specifically covering COVID-19. Here are some ways you and your business can limit loss.
- adjusting to changing demands by shifting your business model to new service or product offerings, new customer segments, etc.
- allowing employees to work from home, canceling travel, and other methods of social distancing
- implementing safety precautions to guard against exposures
- enforcing strict employee safety guidelines
- offering services such as delivery
- Insurance Policy Grace Periods - New York State
- CARES Act Stimulus to Help Small Businesses
- Business Insurance and the Coronavirus
- Business Insurance - Premiums and Payments