Corona-Virus: Insurances

 Measures that must be taken with regards to the Corona virus have a major impact on the global economy. The question arises whether such damage can be insured.

The business interruption insurance is part of the property insurance. Viral diseases are among the events that are usually excluded and therefore the insured event is missing as the cause of damage. At a certain pandemic level of the WHO, there is also no cover for the insurance for business interruption without damage to property, which is offered occasionally.

In the case of claims by a third party without legal liability, liability insurance would cover the costs of warding off unjustified claims for damages, since liability insurance usually does not exclude viral diseases.

Depending on the conditions, travel insurance covers the cancellation costs as a result of an epidemic. For about 2 weeks, new contracts that take the virus into account have no longer been possible. Unless there is an exclusion for pandemics and diseases, event insurance usually also covers the financial risk in the event of an event failure. Otherwise, the epidemic insurance covers loss of earnings due to a business shutdown by an authority.

In general, however, the following applies to all insurance policies: If the corona virus is declared pandemic level 5 or 6, all effective insurance cover against the virus as a result or as a result of the virus will be ineffective immediately.

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