Is There Corona Virus Insurance?
Noting that customers have been asked whether they have insurance coverage against the financial negative effects of the corona virus, Aon Turkey Co-CEO Selda Oknas Tanbay, gave the following information on this subject; “Since the physical damage of the buildings, machinery, fixtures, products and raw materials due to an external factor can only be provided worldwide, I can say that there is no insurance coverage for the time being. Exceptionally, although there may be contamination coverage in property insurances known as "All Risks" in the world literature, infectious disease can be an exception. On the assets side of companies, there may be cleaning and disinfection expenses in fixed assets, and disposal costs in products and raw materials. As it is known, there are profit loss insurances that compensate the income losses of the business during the business interruption during the replacement of the damages that may occur to the machinery and buildings connected to the property insurances. However, business interruptions due to the virus cannot be compensated by traditional Profit Loss Insurances, as they are generally caused by the interruption of the business with the instruction of the public authority, the stoppage of the business in the sterilization phase or the absence of employees from the workplace and not due to a physical damage. As an exception, in some very exceptional policies in the hotel and catering sectors, the loss of income due to the decrease in interest in the business due to reasons such as infectious diseases and the inability to get customers can be covered with a smaller lower limit in the policy.”
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