Join the Insurance Industry Charitable Foundation (IICF) on December 9 at 6:00 p.m. ET for an annual fundraiser highlighting community service in the community insurance industry and Gallagher Global’s charitable leadership.
To view the details of the default program, click this link. Program of the evening, click on the same page to see the event.
Speakers include John K. Mara, president and CEO of the New York Giants.
Among the many recipients of the IIICF 2020 Community Grants: Boys Hope Girls Hope of New York, the Rockland County Center for Safety and Change and the Children’s Health Fund.
Business income (outage) or BI insurance losses resulting from the pandemic will not be covered because direct physical damage, such as from a hurricane or fire, will trigger a standard business intelligence policy. As many courts and academics across the country have discovered, neither the virus nor the bacteria cause direct material damage to the structure of the company. This contractual language is well established; Additionally, each policy is approved by individual countries before it is delivered to BI document holders.
We consider it a success when no one is surprised by what your insurance covers and what your insurance policy doesn’t. For this reason, Triple-I regularly encourages business owners to familiarize themselves with their insurance documents and to have regular conversations with their agent or broker to discuss anything they do not understand.
In an age where we are all used to clicking the “Terms and Conditions” button, ironically ignoring agreements has become something anyone can accept. Sociologists see this as a form of cognitive dissonance: We know we need to read our insurance policies, and yet few of us do. He is a role model that we all have to blame, and Triple-I understands that the client’s time is subject to many demands.
This brings us back to a critical point where insurers prioritize their efforts and resources to make sure everyone is aware of the coverage they have and need.
Outbreaks are not insurable because insurance companies do not charge premiums to cover business losses due to viruses and other pathogens. Products are available for this purpose, but the vast majority of companies refuse to purchase them. These exceptions and the availability of pandemic insurance are known to many seasoned professionals, especially risk managers and litigants. The Triple-I is ready to work with anyone to better educate and prepare the public for what is at stake.
The next epidemic is sure to come. The way insurance companies, their customers, and the federal government are responding now will ensure that our resources and energies are used to save lives from all the threats America faces.