{"id":897169,"date":"2020-03-11T11:27:02","date_gmt":"2020-03-11T17:27:02","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=897169"},"modified":"2020-03-11T11:27:08","modified_gmt":"2020-03-11T17:27:08","slug":"coronavirus-factors-for-insurance-industry-to-consider","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/coronavirus-factors-for-insurance-industry-to-consider\/","title":{"rendered":"Coronavirus: Factors for the Insurance Industry to Consider \u2212 Part 3 Liability and Workers\u2019 Compensation Insurance"},"content":{"rendered":"\n

Paul S. White | Wilson Elser<\/a><\/p>\n\n\n\n

Given the risk to life and the economic impact of coronavirus, policyholders and the insurance industry alike are watching and considering whether business interruption, event cancellation, or liability and workers\u2019 compensation insurance benefits may be available while similarly assessing liability risks.\u00a0This three-part series will cover specific aspects of insurance that all stakeholders \u2013 insured, insurers and brokers \u2013 should consider.\u00a0\u00a0Read Part 1 here<\/a>\u00a0and\u00a0Part 2 here<\/a>.\u00a0<\/strong><\/p>\n\n\n\n

Coronavirus: Status and Impact
<\/strong>In response to the thousands of reported new cases of COVID-19 in countries around the globe, the World Health Organization (WHO) has upgraded their Risk Assessment for China, Regional Level and Global Level to Very High (the highest risk level). There are more than 90,000 confirmed cases of the virus. The United States is now reporting more than 100 infections as of Tuesday, March 3, 2020. <\/p>\n\n\n\n

The Federal Reserve announced an emergency rate cut on March 3, but it was not enough to stop the market\u2019s slide to new lows indicating that investors see the virus as a continuing threat to economic growth and corporate profits over the next several months. The Wall Street Journal<\/em> reports that economists predict disruptions in the global and domestic supply chains could cause product shortages and hurt overall sales, but some U.S. retailers are noting strong sales as consumers stock up on food and other staples.  In this third part of the three-part series, we will review Liability and Workers\u2019 Compensation insurance factors that all insurance stakeholders should consider when claims under these policies are brought forward. <\/strong><\/p>\n\n\n\n

Liability Insurance
<\/strong>If the coronavirus continues to spread worldwide, insurers are likely to confront liability claims that span the spectrum of their insurance product lines.<\/p>\n\n\n\n

General Liability Insurance
<\/em>Businesses, particularly those that open their doors to the general public, may find themselves targets of claims that their negligence led to the exposure and infection of clients:<\/p>\n\n\n\n