The History Of The Business Interruption Policy In The United States
USE AND OCCUPANCY INSURANCE. ‘Use and Occupancy Insurance,’ in the broad sense, insurance against the loss caused by fire in the way of interruption of business in a going concern, has had but a comparatively small development in the United States, and much of that development has apparently been in the wrong direction. There are two chief reasons for this.
The first of these handicaps can be overcome only by amending or overriding the statutes enacting and establishing the standard policy; either greater liberty must be given fire underwriters by the law in the matter of insuring these contingent interests, or riders largely modifying the regular provisions of the standard fire policy for the sake of a clear cover for such interests must be employed and tolerated.
Strictly speaking, use and occupancy insurance, as was held in the well-known New York Court of Appeals case of Michael vs. the Prussian National Insurance Company, the so-called Buffalo Grain Elevator case, covers only the loss to the owner or occupant of the ability to use the property described in the policy.
It is true that this summary dismissal of the American Use and Occupancy policy does a little less than justice to it through failure to perceive that, however inaccurate a measuring rod a fixed per diem may be wherewith to measure a fluctuating rate of profit, it is, after all, likely to produce a fair average of result operating through any considerable period. But certainly the English method described by this same writer is vastly more flexible, equitable, and attractive.
In my way of understanding, “Use and Occupancy is the system which is intended to compensate the insured for the loss of profits by” and for all risks of business income covered. That is why we are in this Covid business income loss fight. Those risks are not specifically excluded and thus covered.
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