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Business Interruption Insurance ruling
I just heard on the news that a test case for Business interruption insurance has ruled in favour of small businesses that had claims turned down by their insurer for losses incurred by the covid 19 pandemic. Does this now mean all insurers will have to pay out for losses to small businesses caused by the pandemic. Up until now I had accepted the explanation that business interruption insurance didn’t cover the covid 19 situation, but now wonder do I indeed have a valid claim? At the time of the first lockdown I was told by my broker that my interruption insurance didn’t cover covi19 and when renewal time came up I switched to sign Elite (partly in defiance of the fact I had felt let down by my previous insurer)
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This discussion was modified 3 years, 3 months ago by
Phill Fenton.
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This discussion was modified 3 years, 3 months ago by
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3 Replies
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I hope the insurers are bitten by this in a massive way!
business interruption due to “unforeseen circumstances” is anything not listed.
I was stung by this by a major insurance company after paying a premium for a “tailored insurance package”. well… covid should hit the insurance companies hard, catch them off guard! let’s hope they are insured! 😉Was this in the UK Phill?
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Trouble is, when insurance companies get hit hard, we all know who foots the bill in the end don’t we? Insurance companies never lose. Whoever I’ve paid my premiums to since the very beginning, I’ve always been cynical enough to know I’m never likely to claim & I’m footing the bill. The pessimist is never disappointed
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The insurance companies have £billions in reserves, if they previously rejected your claim and the reason given was that Covid19 pandemic wasnt covered then the recent court ruling suggests that you may in fact be able t make a claim.
Good luck
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