Insurance Association of Jamaica (IAJ) President Vernon James says while industry players empathise with businesses that have been impacted by the current health crisis, business interruption insurance clauses do not cover losses due to viruses such as COVID-19.

“This risk was never priced into the premiums charged and is excluded from standard reinsurance contracts. Any assertion otherwise is simply incorrect,” he said in a statement this week in response to media statements calling for the industry to pay for business interruption losses due to COVID-19.

“The IAJ recognises that all Jamaicans are facing unprecedented disruptions due to the novel coronavirus. Our member companies are sympathetic to the plight of all Jamaicans and are working proactively to assist our customers during this crisis,” the IAJ president said.

http://www.jamaicaobserver.com/news/no-coverage-for-businesses-impacted-by-covid-19-says-iaj_195149