Businesses across the world are beginning to estimate the financial impacts and business interruption caused by “Coronavirus” (COVID-19). As this unprecedented event unfolds, it is important to take simple but critical steps to adequately document, analyze and project losses and incremental costs. Regardless of whether recovery is available through potential insurance, contracts, local/federal government assistance or other means, every businesses must act now to document all impacts and losses in a clear, comprehensive manner.
- “Coronavirus” (COVID-19) General Loss Checklist - The checklist below contains helpful tips from our team on how to preserve the “baseline” or status of your business at the time of Coronavirus delays or shutdown. Following these steps should allow for a more precise delay / business interruption calculation to be made for the overall period of potential delay as result of Coronavirus.
- “Coronavirus” (COVID-19) General Loss Worksheet – The Coronavirus loss worksheet included below has been developed by Procor to assist you, and your team, estimate and quantify financial losses surrounding the Coronavirus Pandemic. This template will help you understand, value, and organize, potential business interruption or lost revenue impacts, as well as, document costs incurred as a result of responding to the event. This document has been put together with a simple, general business model in mind, and is not intended to be specific to all industries.
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These are not meant to be exhaustive lists or recommendations. For more detailed analysis, please contact Procor Solutions + Consulting at (800) 871-5832
Please be advised that any and all information, comments, analysis, and/or recommendations set forth above relative to the possible impact of COVID-19 on potential insurance coverage or other policy implications are intended solely for informational purposes and should not be relied upon as legal advice. As an insurance broker, we have no authority to make coverage decisions as that ability rests solely with the issuing carrier. Therefore, all claims should be submitted to the carrier for evaluation. The positions expressed herein are opinions only and are not to be construed as any form of guarantee or warrantee. Finally, given the extremely dynamic and rapidly evolving COVID-19 situation, comments above do not take into account any applicable pending or future legislation introduced with the intent to override, alter or amend current policy language.