Wholesale broker offers non-damage pandemic interruption cover
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Boston-based wholesale broker One80 Intermediaries on Thursday unveiled non-damage business interruption coverage for future pandemic-related losses with available limits up to $100 million.
The Pandemic Protector policy, developed with London-based brokerage C.J. Coleman & Co. Ltd. and underwritten by London market insurers, is available to public and private companies of all sizes across most industries in all 50 states, One80 said in a statement.
The policy will cover a business for loss of gross profit due to an epidemic and/or pandemic outbreak but does not provide retroactive coverage for the current outbreak of COVID-19, One80 said.
Available limits start at $1 million and deductibles and attachment points are tailored to each policyholder, with hospitality, retail and manufacturing among the sectors in need of coverage, a spokesman for One80 said in an email.
The innovative coverage comes as businesses incur massive financial losses due to COVID-19 and as many insurers are denying business interruption claims related to the pandemic.
Premium for $1 million of coverage can be as low as $35,000, and the policy has a flexible definition of epidemic triggers to meet a policyholder’s specific needs, One80 said.
The policy also offers access to specialized experts to assist in outbreak mitigation and crisis management.
Pandemic Protector is underwritten out of London by A.M. Best A-rated insurers and offered exclusively in the U.S. through One80.
More insurance and risk management news on the coronavirus crisis here.
