The Mississippi Insurance Department recently issued a press release that was expected to address many of the questions business owners in the state had regarding business interruption insurance coverage. The reason behind the influx of questions is because most business owners have recently learned that the business interruption insurance they have been paying for isn’t going to cover their COVID-19 claims. While the press release did explain what business interruption coverage is, it also did something much more notable—it made it clear that if you want to challenge the denial notice you received, then you are going to need to hire a Mississippi insurance claims denial lawyer to help you do it.
Well, according to Insurance Commissioner Mike Chaney, while business interruption insurance is “usually offered as a supplement to a business owners property insurance policy to recover financial losses that may result from an interruption or cessation of the business’ operations,” “ there likely is no coverage [under these policies] as losses occurring as a result of a virus or bacteria are typically excluded by admitted companies.” Chaney went on to explain that “non-admitted companies, aka as Surplus lines carriers, may not have the same exclusions in their all peril policies.”
Chaney Offers Advice to Mississippi Business Owners
After informing business owners in Mississippi that it is highly unlikely that their insurer is going to cover their COVID-19 claims, he went on to share three pieces of advice, all of which we have outlined for you down below.
- If you have questions about your coverage, read through your policy or contact your agent for assistance.
- Consider whether filing a claim is in your best interest.
- “Consider financial stimulus options that may be available from both Federal and State government.”
While the MS Insurance Department sometimes serves as an advocate for claimants during the claims process, Chaney also expressed in the press release that the department “does not have the authority to require insurers to extend coverage under existing policies the owner may have, especially if there are specific exclusions of business interruption coverage.” Essentially, what this means is that if you are looking to have your insurer reverse the denial, you are going to need to hire someone with experience in insurance law to help you.
And USAttorneys.com is the place you can entrust to help you find and retain a Mississippi insurance claims lawyer who will know exactly what it takes to successfully fight back against an insurance company.
If you want to hire a Mississippi insurance claims attorney who is going to give your case the attention it is going to need, let USAttorneys.com be the one to help you locate a lawyer in your city.