Good afternoon: Today's PM — written by Justin Green while Mike Allen enjoys a much-deserved day of rest — is 498 words, a 2-minute read.
Illustration: Aïda Amer/Axios
Irate business owners are finding out the hard way that their insurance policies don't cover coronavirus — and they're suing, Axios' Jennifer Kingson reports.
Why it matters: No matter how big a premium a company might pay for business interruption insurance, most policies only cover physical damage to a property, not the loss of use of a hotel, restaurant or other building from a stubborn new virus.
Companies are suing their insurers, saying in some cases that their policies don't have pandemic exclusions and thus should be honored.
Between the lines: Insurance is regulated at the state — not the federal — level.
In a typical business interruption insurance claim, "a hurricane comes through and destroys your Walmart," said Alexandra Roje, a partner in law firm Lathrop GPM’s insurance recovery practice.
What's next: Look for innovation among insurers to offer various forms of coverage against COVID-19 — at a price — or to specifically write policies that exclude it, to hedge against giant payouts.
The bottom line: Even with the spate of disputed claims from business owners, big insurance companies are taking huge hits to their bottom lines.
Above: A bartender wearing a protective mask stands inside his shop in Venice, Italy, where restaurants, theaters and many other businesses remain closed.
Below: An inside view of a mosque as people pray in Zenica, Bosnia and Herzegovina. As of today, the ban on prayers with communities in mosques in the country has been partially removed.
Pimlico Race Course in Baltimore, Maryland. Photo: Patrick Smith/Getty Images
Not all of the Triple Crown races are resigned to running simulations this year, AP reports.