Some companies with operations affected by the COVID-19 pandemic may face weeks, months or years of work ahead. But whatever their operations may involve, all companies suffering any damage should be looking at how their insurance coverage may compensate for losses. Pillsbury’s nationally recognized team of insurance recovery lawyers has a long history of helping commercial enterprises and institutions recover from catastrophes.
Preparing and pursuing insurance claims in the wake of a disaster can be a complex and time-consuming process, especially when management and employees need to focus on other post-disaster challenges. Policyholders should consider obtaining assistance from experienced coverage counsel to work alongside their broker and other claims professionals, because many legal issues—as well as actions taken by the company—can significantly affect the existence or amount of recovery under an insurance policy.
Pillsbury’s leading Insurance Recovery & Advisory legal team has successfully handled some of the largest and most high-profile insurance coverage cases involving business interruption. Members of the practice address the key insurance and recovery issues businesses will need to manage, including how to prepare insurance claims to expedite and maximize recovery, as well as how to determine whether business interruption or other insurance coverage may apply.
Event Cancelation Recovery
Event Cancelation Insurance can be purchased for specific events or for a series of events. Many events scheduled after March 2020 have been cancelled due to the COVID-19 pandemic, resulting in severe losses of revenue, previously paid contractual obligations, and insured commitments, including venue fees, rentals, hotel and other travel costs and arrangements, vendor agreements, and the like. Critically, it will often be important to demonstrate that cancellation was unavoidable – raising difficult legal and factual questions when cancellation must often occur well before the event was scheduled to take place. Many policies also cover internal labor for dedicated event staffs. Some policies have communicable disease exclusions, but often include coverage “carve backs” of varying scope. It is important to review them carefully to understand your options.
In the past five years, our insurance recovery lawyers have helped clients recover billions of dollars from their insurance companies. Our lawyers have handled disaster-related claims for more than a century, from the Great San Francisco Earthquake and Fire of 1906 to a host of recent catastrophes, including Superstorm Sandy, the Gulf of Mexico well blowout and oil spill, the 2011 Japan earthquake and tsunami, and the current COVID-19 pandemic.
Pillsbury’s Insurance Recovery group focuses on representing corporate policyholders in transactions and disputes against insurance companies. Our experience covers business interruption, executive liability and property liability.
For more information about large commercial claims and related insurance coverage issues, contact your Pillsbury Winthrop Shaw Pittman LLP representative or any of the lawyers in our Insurance Recovery & Advisory practice. For more general information about all legal and business issues around COVID-19 Coronavirus, visit the Pillsbury Resource Center.