We are in uncharted waters with regard to hospitality business closures and how policies will or will not respond to Business Interruption claims remains to be seen.
Any claim or challenge to a claim denial will require detailed information on the loss. We recommend to track and reconcile this information NOW, while losses are being sustained, as it will become more difficult to gather this information at a later time.
- Prepare an overview outlining the loss, including documentation of Civil Authority mandates requiring closure or change in business operations
- Keep detailed records of loss of income and profit vs. same time last year
- Keep detailed records of inventory losses and/or inability to receive inventory from suppliers
