Coronavirus (COVID-19) information

On 15th September the High Court handed down its judgment on the FCA’s test case, and on the majority of key issues, was in favour of the arguments put forward by the FCA on behalf of policyholders.

Here is a link to the full statement from the FCA, which also provides a link to the full judgement and other supporting documents.

Due to the breadth and complexity of the ruling, insurers will now be reviewing how this applies to them which may take some time. We expect them to write to those customers whose claims may be affected shortly. Please note that there is also the possibility that any of the insurers involved in the case might appeal the judgement, which would lead to further delays in any claims settlements.

As the Government eases lockdown, a number of businesses are being permitted to reopen. If you are keeping your premises closed, you must get in touch and let us know immediately.

We may need to reassess the empty buildings/unoccupancy cover part of your existing insurance policy, which was originally extended at the start of the pandemic when the enforced lockdown was in place.

By not informing us could leave your business unprotected in the event of a claim.

If you are keeping your premises closed, you must get in touch and let us know immediately.

We may need to reassess the empty buildings/unoccupancy cover part of your existing insurance policy, which was originally extended at the start of the pandemic when the enforced lockdown was in place.

By not informing us could leave your business unprotected in the event of a claim.

If you require support as a direct result of COVID-19, please contact us to discuss your needs and what assistance may be available.

Under some circumstances an adjustment to the cover required may be available and / or we may be able to assist with deferred payments. Please do not cancel your Direct Debit Instruction as this may trigger an automated default process, which could result in the cancellation of your policy.

You must complete a risk assessment to ensure your business is COVID secure for the safety of your employees and customers, and comply with social distancing rules. For further information look at our article “Creating a return to work action plan” which contains a useful checklist that might help. Also, visit the government website for further guidance on working safely during coronavirus.  

Additionally, let us know when you are reopening. As your insurance broker we can ensure you have the right cover in place to reflect your new ways of working.

Businesses who are concerned about the impacts of Covid-19 should check the scope of their cover, and check with their insurance advisor or broker.

The ABI has recently provided the following advice on their website:

https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-hub/business-insurance/

“If a business has to temporarily close because of Covid-19, where customers are taking the appropriate steps to mitigate the risk of damage to the property whilst unoccupied, insurers will be flexible around the period of unoccupancy specified on the policy document.

Policies will often include conditions that are intended to ensure good practice in protecting buildings of damage caused by the risk of fire, theft and escape of water, which are often increased when a building is empty.  It is important that business owners continue to follow risk management advice and ensure they understand what steps they need to take.

Some insurers have also waived requirements for their business customers to immediately notify them of their unoccupied status, (depending on the individual business circumstances).  This should help those customers concentrate on managing their businesses and allow insurers’ call centres to focus on managing the significant number of insurance claims being processed.”

If there are any specific requirements as part of your insurance contract that you are unable or unlikely to be able to comply with, such as on-site security you must let us know.

In order for your insurance policy to remain in force you need to continue to pay your premium. Business Insurance is in place to protect you against standard risks and there may be a legal obligation for you to have insurance in place, for instance, if you have employees and there may be a contractual obligation from a mortgage provider or finance company against any property you own or lease. However, if you are experiencing temporary financial difficulty paying your premium as a result of COVID-19 please contact us to discuss your needs and what assistance may be available.

Please refer to your insurance policy wording along with the Terms of Business Agreement for details of any cancellation rights and associated fees.  If you wish to discuss your cancellation rights please get in touch with us.