While the final impact of the coronavirus is still unknown, the headlines indicate that the outbreak is increasing and spreading. Most organizations have already initiated their contingency plans for this scenario. Now is the time that organizations should be considering additional loss mitigation.
Typical property policies require a physical damage trigger before a policy will respond. There are, however, instances where endorsements have been specifically structured for this type of event. Further, an organization may have additional policies that may respond (A supply chain policy may respond if a specific vendor does not supply a part and halts production). You should review your policy and talk to your broker for additional advice.
If you have or expect to have a financial loss, preparing a well-supported claim is critical to expediting and maximizing a loss recovery. Imperium’s forensic accountants have extensive expertise measuring economic losses, and bring insights and best practices to helping organizations focus their loss recovery strategies. If you would like more information about how we can help, please get in touch.
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