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COVID-19: NOTICE TO OKLAHOMA POLICYHOLDERS

Posted 4/9/20

As a result of the ongoing COVID-19 pandemic and in response to the Oklahoma Insurance Department’s PC Bulletin No. 2020-01 Amended April 6, 2020, we wish to offer the following information to our Oklahoma policyholders.

Coverage

We understand that our policyholders will likely have questions about your insurance policy and how it may be impacted by the developing virus situation. We urge you to carefully read your specific insurance policy and all of the endorsements that are part of your policy. When you review your insurance policy, please pay careful attention to the Coverage Terms and Exclusions and specifically note the following:

  • Property Damage: Our standard form of Businessowner’s policy covers “direct physical loss of or damage* to Covered Property….”
  • Business Income: If you elected to purchase insurance for your property, our standard form of Businessowner’s policy includes coverage for loss of Business Income due to the suspension of your operations. Under the terms of the policy, “The suspension must be caused by direct physical loss of or damage* to property at the described premises.”
  • Business Income from Dependent Property: If you elected to purchase insurance for your property, our standard form of Businessowner’s policy includes coverage for loss of Business Income due to the suspension of your operations. Under the terms of the policy, “The suspension must be caused by direct physical loss of or damage* to property at the described premises.”
  • Civil Authority: If you elected to purchase insurance for your property, our standard form of Businessowner’s policy includes coverage for loss of Business Income due to the action of civil authority (governmental order) prohibiting regular operations at the described premise. Under the terms of the policy, the action must be a result of “when a Covered Cause of Loss causes damage to property other than property at the described premises.”*
  • Exclusion of Loss Due to Virus or Bacteria: Our standard form of Businessowner’s policy includes an Exclusion for loss or damage, which provides: “We will not pay for loss or damage caused by or resulting from any virus, bacterium or other microorganism that induces or is capable of inducing physical distress, illness or disease.” This exclusion applies to all property coverages including business income, Business Income from Dependent Property, and civil authority.

    *Emphasis added.

This information is for general purposes only and is not intended to provide coverage advice or opinions with respect to your individual policy or any claim. We will investigate property and liability claims as submitted to determine if your policy will respond to any such claim. If you have questions about coverage contact your agent or broker or contact us at 1-800-673-2465 or csr@guard.com.

 
 
 

 
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