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Saturday, September 30, 2023

Southwest Colorado SBDC: Business interruption insurance help

Our business community has been hit hard by the closures, restrictions, and shelter-in-place guidelines resulting in the spread of COVID-19. We support our public health and county/state officials and have gratitude for their leadership during these uncertain times.

The Durango Chamber of Commerce is working with our state insurance commissioner and a coalition of other Chambers of Commerce across the United States to urge modifications on Business Interruption Insurance to be included as an allowed event.

Please take one minute and answer the following questions. Please send your reply ASAP, as this is extremely time-sensitive, and please forward to your network: https://www.surveymonkey.com/r/wemeanbusiness

We are aware that these claims are not usually a covered event. We are currently working with our state legislators and insurance commissioner on this issue as this is an important “fix” we need to save our business community.

Civil Authority is the cause for business interruption, not a virus. Civil Authority coverage for business income should begin 72 hours after the tie of the first action of civil authority and should pay for a period of up to four consecutive weeks from the date on which such coverage began and will end:
Four consecutive weeks after the date of that action; or
When your Civil Authority coverage for business income ends; whichever is later.

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