Businesses, Insurers Disagree on Boston Marathon Payouts
Some businesses that reported financial losses as a result of the Boston Marathon explosions are still wrangling with their insurance companies over compensation or have had claims denied outright as the anniversary of the bombings approaches.
The state’s largest property and casualty insurers have paid a total of $1.9 million in bombing-related claims, according to the state Division of Insurance.
The Boston Globe reports that insurers have rejected nearly half of 133 bombing-related claims that specifically cited losses from business interruption. State regulators say insurers rejected payment for 11 of 27 claims for commercial property damages.
The denials have angered some business owners, who say they collectively lost millions.
Insurance industry officials say there are valid reasons for rejecting claims, including specific policy exclusions that limit coverage for lost income.
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