By March 18, 2020, commercial property insurers must prepare explanations of benefits to their policyholders regarding the commercial property insurance they have written in New York and addressing the following issues:
- Identifying the commercial property insurance and/or related insurance policy that the insured holds.
- Identifying whether the insured’s policy provides “business interruption” coverage and/or "contingent business interruption" coverage and, if so, identifying the "covered perils," describing the requirements for "physical damage or loss," and explaining whether contamination related to a pandemic may constitute “physical damage or loss.”
- Identifying whether the policy provides "civil authority" coverage and, if so, describing the policy’s requirement for "physical damage or loss," if any, and explaining whether a civil authority prohibiting or impairing the policyholder's access to its covered property in connection with COVID-19 is sufficient for coverage under the policy.
- Identifying whether the insured's policy provides "supply chain" coverage and, if so, stating whether such coverage is limited to named products or services from a named supplier or company, describing the policy’s requirement for "physical damage or loss," if any, and explaining whether contamination related to a pandemic may constitute "physical damage or loss."
- Explaining the required waiting periods under the policy, if any.