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Managing a Business Shutdown or Slowdown

This applies to businesses who have had to temporarily close or limit operations due to COVID-19.

Most insurers have extended the allowable period (from the standard 30 days), for premises to be vacant or unoccupied as a result of a civil authority-mandated shutdown.

Depending on the insurer, the extension is for an additional 30 or 60 days. Check with your broker to determine which limit applies in your own situation, and especially if your closure will exceed the applicable extension. Increasing the extension limit further will be reviewed on a case-by-case basis.

The insured must undertake some simple & reasonable measures to support the safety and security of the business premises, including frequent visits to the premises, to ensure proper maintenance of any security system and utilities. Contact your broker for further details.

Insurers are making every effort to work out accommodations for vulnerable clients who have been financially impacted by the pandemic and can’t afford to maintain their insurance. Once again, arrangements are made on a case-by-case basis. Your broker can provide advice and guidance in these uncertain times.