Jared T. Greisman, co-chair of Goldberg Segalla’s First-Party Property Coverage subgroup, joins the Timely Notice podcast to discuss the unprecedented situation COVID-19 presents for insurers. Drawing on his background in handling massive losses stemming from catastrophes like hurricanes and wildfires, Jared notes how all those pale in comparison to the national and international scope of the current pandemic. As for first-party property policies, Jared highlights the key issues relating to coverage for business interruption, extra expenses, and civil authority. He specifically addresses the contentious issues over the insuring agreement requirements and exclusions. Jared closes by discussing legislative and regulatory developments, such as in New Jersey, that seek to impose on insurers an obligation to cover business interruption losses relating to COVID-19, irrespective of whether coverage would be excluded by the policy terms as purchased.
