What is Business Interruption Insurance and How is it Related to the Covid-19 Pandemic?

Shanthi Ramnath

Chicago Fed Letter, 2020, issue 440, 5

Abstract: After nonessential businesses shut down their operations to slow the spread of the Covid-19 virus in March 2020, many business owners looked to their property insurance policies for relief. Such policies often include business interruption (BI) insurance, which covers income losses if a business is forced to close. Given the shelter-in-place orders issued by state and local governments, BI coverage was assumed by many to apply. For example, Greg Wells, the chief executive of Atlantic Coast Athletic Clubs (ACAC), told the Washington Post: “That’s what you have this type of insurance for. If your business gets shut down, you can continue to employ people.”1

Keywords: Covid-19; Insurance (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.chicagofed.org/~/media/publications/ch ... /2020/cfl440-pdf.pdf (application/pdf)

Related works:
Journal Article: What is business interruption insurance and how it is related to the Covid-19 pandemic? (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedhle:88133

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Chicago Fed Letter from Federal Reserve Bank of Chicago Contact information at EDIRC.
Bibliographic data for series maintained by Lauren Wiese ().