FILING A CLAIM
WHETHER TO FILE A CLAIM
Although the landscape is uncertain on whether Business Income claims will be ultimately covered by the insurance policy, or by governmental
requirements, businesses need to document their losses related to COVID-19 and we suggest filing a claim if you believe you will have actual
Business Income loss. There is no “hard timeframe” on when to provide notice under a Property Policy except that most policies require notice of
a claim is made to the carrier as soon as practicable after knowledge by the insured that a claim made be brought forth.
HOW TO REPORT A CLAIM
Franklin Street will notice your Property carrier if you wish to file a claim and assist with you with the process, provide you with updates, and
advocate on your behalf for recovery. To submit a claim, please send an e-mail to [email protected] and include your company name and
the locations covered under your policy that have or are expected to have a Business Income Loss.
STEPS ON DOCUMENTING A POTENTAL BUSINESS INTERUPTION CLAIM FOR COVID-19
Franklin Street Insurance continues to keep abreast on the COVID-19 pandemic, and we have created this guide for our clients on how to properly
document any business loss. Presently, the insurance industry has not confirmed whether losses will be covered or how the government may
become involved in assisting businesses with income loss. Regardless, we encourage all clients who have a business income loss to begin
calculating and documenting their losses now. Below are key components of documentation to consider when gathering information to submit
a claim.
DOCUMENTATION CONSIDERATIONS
1. PREPARE A TIMELINE
• Document all changes to your business operations with specific dates and details
• Document all procedures put into place to address COVID-19 internally
• Document all announcements which were sent to tenants
• Document all Government/Executive/Other Administrative Orders which impacted your operations.
• Provide documentation surrounding any governmental authority prohibiting access or requiring a restriction and/or closure
of your business.
2. TRACK & DOCUMENT KEY METRICS
• Occupancy Rates- Measure historical versus post COVID-19
• Rent Rolls- Calculate Monthly Rent Rolls
• Identify specific tenants who have not paid rent
• Change in monthly operating expenses
• Calculate the amount of late fees incurred, but not paid by tenant
• Dollar amount of any possible concessions given to tenants or Rent Abatement
3. TRACK & DOCUMENT EXPENSES RELATED TO THE INTERRUPTION EVENT
• Additional Extra Expenses incurred to continue business operations
• Late fees incurred for paying vendors/lenders or penalties/liquidated damages
• Additional Legal Fees, Property Management Fees or Advertising/Marketing Costs
• Salary/Wage Continuation for employees who are not working
• Cleaning Costs and Personal Protective Equipment
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