Photo: J. Albert Diaz/ALM Retroactive Insurance Coverage for COVID-19 Losses
The COVID-19 pandemic has presented New York business owners with many obstacles and difficulties, and the New York Legislature has reasonably looked for ways to lessen the financial impact the crisis has had on our neighborhood's restaurants, shops and offices.
May 14, 2021 at 11:10 AM
8 minute read
Insurance Litigation
Early in the COVID-19 pandemic, the New York Legislature considered a bill which would have retroactively rewritten commercial insurance policies to provide coverage to businesses interrupted by the spread of COVID-19 and government attempts to curtail it. New York legislators sought to "hold harmless businesses who currently hold business interruption insurance, for losses as a result of the current COVID-19 health emergency, but for which no such coverage is currently offered." The bills proposed to do so by forcing insurers to shoulder the burdens of the pandemic, whether their insurance policies provided the coverage in question or not. This retroactive interference with contracts prompted concerns from insurers that the bill undermined contractual relationships, raising constitutional concerns.
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