The Houston Rockets recently sued their insurance provider for failing to provide business interruption compensation under the team's $400 million insurance policy. In doing so, they are believed to be one of the first NBA teams to file a lawsuit to recover losses arising from COVID-19.
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Lawsuits are being filed across the country, including in Texas, over insurance companies denying claims for business interruption arising from the coronavirus pandemic. Business interruption insurance typically covers the loss of income that a business suffers due to a disaster.
In response to growing concerns of community spread of the coronavirus (COVID-19), sports organizations, local schools, and even the Houston Livestock Show & Rodeo have ceased operations for the foreseeable future. As businesses consider the human and health impact of this global pandemic, a common question raised is how any business interruptions and related financial losses may be covered by their insurance policies. Whether your business has drastically experienced economic loss or has temporarily closed its doors due to city-wide closures or travel restrictions, you may find relief from your insurance coverage provider.