As businesses respond to the interruptions caused by COVID-19 (Coronavirus), there is an increased sense of urgency to understand the potential economic impact of these interruptions on the business. These interruptions could not only result in economic losses but could also lead to potential claims from or against third parties for consequential breaches of contractual obligations or insurance claims.
Whilst this impact assessment is undoubtedly tying up managements’ time, there are a number of critical questions that management teams need to be asking themselves - failure to do so may prolong the period of firefighting and may potentially lessen the ability of an organization to mitigate the damage the situation causes.
In our experience, we would expect management to consider the following questions and actions.
If you have any questions or would like additional advice, please contact us.
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