Insurance Implications for the Corona Virus

The Corona Virus (COVID-19) is much in the news.  So far it has not been a major problem in the United States, and hopefully it will not.  But it is affecting business in the U.S. because of supply chain issues from countries where the virus is disrupting commerce. 

This past week Chris Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, Executive Director of the IIABA Virtual University, published two articles in the Virtual University Newsletter on related issues.  One article deals with Workers’ Compensation and occupational diseases.  The other article addresses the income potential and two new endorsements ISO has made available for insurers who are interested in providing some limited coverage for this exposure. 

I will not take the time or space to recap Chris’s articles, but I would simply recommend the articles linked below to agents as Chris is one of the more articulate commentators on insurance issues.  It is highly likely that policyholders, given the amount of publicity, will begin to ask questions about the impact of the virus on their employees and their businesses.  Agents can use the material in Chris’s articles to prepare to address these potential questions.

Coronavirus and Workers’ Compensation

Coronavirus and Business Income Losses

Forewarned is forearmed!

E. Stuart Powell, Jr., MA, CPCU, CIC, CLU, ChFC, ARM, AMIM, AAI, ARe, CRIS is IIANC’s Technical Consultant. Stuart has worked in the insurance industry for over 40 years as both an agency owner and on the IIANC staff in a variety of roles. While now retired from the association, he continues to teach, write, is a frequent speaker on insurance matters and is a technical resource to IIANC’s member agencies.  Stuart is also an independent insurance and risk management consultant and serves as an expert witness on matters of insurance coverages and insurance agents standards of care.  

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