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Damage from COVID-19 eludes property insurance coverage Christina Varga Published May 4, 2021 CHANSOM PANTIP/iStockPhoto / Getty Images Insurance exists to cover some of the risk for commercial property owners, managers and tenants, yet most policy holders are finding that the insurance they do have does not cover them from damage caused by the COVID-19 pandemic. Class-action lawsuits have been launched against insurers in Canada and abroad, mainly to seek business interruption payouts because of forced closings, which insurers maintain is not covered in most plans. While observers wait for those cases to be resolved, those in the industry say that the sector has been operating in an increasingly difficult environment in the past several years. Those factors, more than COVID-19, are likely to affect insurance products and pricing available to commercial real estate companies, they say.

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