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A new bill filed by state Rep. Dylan Fernandes, D-Woods Hole, would provide help to small businesses who’ve paid for business interruption insurance but haven’t been able to collect on it.
The bill, An Act Concerning Business Interruption Insurance, was filed Feb. 19. It would require insurance companies to honor legitimate claims of business interruption and do away with virus-exclusion clauses.
What does business interruption insurance cover?
Insurance companies have, for the most part, refused to pay interruption insurance, citing exclusions for viruses and pandemics. Many insurance companies claim that business losses must be due to physical loss or damage, not just closure, according to a report last month from the trade publication Business Insurance.