COVID-19 and Business-Income Insurance: The History of “Physical Loss” and What Insurers Intended It to Mean. History never looks like history when you are living through it.ġ Charles M. Knowing the history of why that wording was placed into policies can help with the understanding of insurance coverage.
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This change was consistent with the case law in the United States, which had already construed ‘physical loss’ this way under non-ISO forms.Īll insurance coverage cases start with policy wording.
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ISO made this change to make clear that standard-form property insurance policy did not require tangible ‘damage or destruction’ of property, and instead extended coverage to things like ‘theft’ where a physical force interfered with a right of possession or use. In the mid-1980s, however, the Insurance Services Office (‘ISO’), the primary drafting organization for property insurers, changed the trigger on its standard-form policies to ‘direct physical loss of or damage to’ property. The term ‘loss’ was used only in reference to the amount owed by the insurance company. Until the mid-1980s, most policies employed a standard-form trigger for Business Income that required ‘damage’ or ‘destruction’ of property. One important portion of the article was when the term “physical” was placed into the business income portion of ISO policies: A recent law review article 1 provides a good summary of this litigation and arguments for coverage from the policyholder view. The phrase 'turn the tables' derives from these games and from the practise of reversing the board so that players play from. I found this online, which clarifies even further: Games like backgammon are known as 'tables' games. The litigation over lost income to businesses caused by Covid-19 has been raging for three years. Figurative phrase turn the tables (1630s) is from backgammon (in O.E.