As a dedicated professional insurance intermediary, our role is to support our clients at every level and provide experienced advice and guidance, as well as assisting with claims on your behalf.
The situation with regards claims as a result of COVID-19 is evolving daily. While some claims such as ‘travel’ are fairly clear cut, there is still a huge amount of discussion surrounding business insurance, particularly Business Interruption claims.
It remains the case that the majority of Commercial insurance policies contain clear exclusions of disease / pandemic incidents. However we have ascertained and it has been widely reported in the press, that certain insurers’ policy wordings are ambiguous and would suggest that there is some cover.
Please rest assured that, on your behalf, we are closely monitoring the situation, and actively challenging the Insurers positions where we feel there is ambiguity that could be interpreted in our Clients interests. We will continue to present and support claims on our clients’ behalf. However we do not wish to give false hope either and our FAQs give most insurers’ current stance.
As with all incidents / occurrences which might give rise to an insurance claim, you should advise us at the earliest possible point to discuss matters, so that we can then notify insurers, even if, in the end, the matter does not lead to a claim. As ever, if you would like to discuss your cover then please do not hesitate to contact your usual member of the team. Direct dial phone numbers on our email signatures are diverted to our team members’ mobile phones and our staff continue to work from home with secure access to records.
There continues to be some support from the Government and other agencies and some useful links are included at the end of this email.
Other useful websites:
The announcement on the Gov.uk website lists the various measures available and who is administering them. It is comprehensive and updated as they add additional measures:
In particular there are grants and business rate relief measures that will be administered via Local Authorities e.g. Leeds Local Authority is signposting people to the LEP for triage to increase support across multiple issues.
The ‘business interruption’ loan scheme (up to £5m in loans) will launch soon and will be delivered through the British Business Bank and lenders.
A scheme involving the Bank of England include a term funding scheme aimed at SMEs delivered via the banks. Ask your bank about support.
Details in another scheme involving the Bank of England for larger firms are here.
There is also a market notice explaining how the facility will work here. The Bank will publish a dedicated webpage for corporates seeking to use the CCFF as soon as possible.
The Association of British Insurers have issued a statement on business insurance, trade credit, income protection and pensions and investments here.
Visit Britain/Visit England have a dedicated COVID-19 webpage with the latest updates and key links for businesses and industry here.
Anyone involved with charities visit here.