Devack & Chester PLLC

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It’s important to make sure your Operating/Shareholders Agreement is comprehensive and covers most likely future scenarios.

It’s important to have a well-drafted Operating Agreement that addresses you and your business specifically.

Will my business interruption insurance cover this closure due to COVID-19?

Unfortunately, diseases are generally one of many exclusions found in standard business interruption provisions, which require direct physical loss or damage to property in order to make a claim. However, there may be hope. Lawmakers in a few states, New York included, have introduced bills that would require insurers to cover such losses, with various requirements and restrictions, due to the current Covid-19 pandemic, despite the exclusions in the contracts of insurance.
Whether and in what form these bills will become law and whether your business may be eligible to file an insurance claim remains to be seen. In the meantime, we strongly recommend that your review your insurance policies and contact your insurance carrier to put them on notice that you may pursue a claim.