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Covid-19

Grumpy Old Lemons Like You
wheypat
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Covid-19

#304135

Postby wheypat » April 29th, 2020, 1:49 pm

Just heard my first "Has your insurance company denied you a payout due to covid-19. Why not call us, no win, no fee" advert.

That didn't take long.

sg31
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Re: Covid-19

#304146

Postby sg31 » April 29th, 2020, 2:24 pm

Some policies do provide business interruption cover and that might or might not cover public health emergencies like this. It's a long time since I was involved in this so I can't remember the exact wording. One company reputedly argued that they never intended to cover pandemic situations but only local emergencies in the surrounding area. That's very easy to check in the policy wording.

From my experience of underwriting I suspect there is no wording to restrict the cover to local area events, interestingly the insurer said if they had to pay out it could bankrupt them. I would expect them to arrange reinsurance cover if they had any sense.

If the policy wording doesn't restrict the cover the insurer wouldn't have a leg to stand on. Easy money for the ambulance chasers.

( It is decades since I was an underwriter)

UncleEbenezer
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Re: Covid-19

#304176

Postby UncleEbenezer » April 29th, 2020, 3:49 pm

sg31 wrote:From my experience of underwriting I suspect there is no wording to restrict the cover to local area events, interestingly the insurer said if they had to pay out it could bankrupt them. I would expect them to arrange reinsurance cover if they had any sense.

If the policy wording doesn't restrict the cover the insurer wouldn't have a leg to stand on. Easy money for the ambulance chasers.


Heh. So you have inside knowledge of the insurance biz.

Did it cross your mind that the government's delay in ordering lockdown might have been for the benefit of insurers? As in my email of March 14th about a then-forthcoming concert with costs for venue, singers and large orchestra:

> On 14 Mar 2020, at 12:42, [identity redacted] wrote:
>
> The committee will be meeting on Monday afternoon to discuss the logistics of this and we will send out confirmation of our decision formally following that meeting.

Have you checked [our] insurance?

I'd guess that if we have to cancel because the government tells us to, we should be able to claim against financial losses. But if it's our own decision, that gives an insurer ample room to wiggle out of it.

Just a thought. I'd be checking carefully, and looking to stare down the government if necessary. At least, if likely losses are non-trivial.

sg31
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Re: Covid-19

#304209

Postby sg31 » April 29th, 2020, 5:25 pm

UncleEbenezer wrote:Heh. So you have inside knowledge of the insurance biz.

Did it cross your mind that the government's delay in ordering lockdown might have been for the benefit of insurers? As in my email of March 14th about a then-forthcoming concert with costs for venue, singers and large orchestra:

> On 14 Mar 2020, at 12:42, [identity redacted] wrote:
>
> The committee will be meeting on Monday afternoon to discuss the logistics of this and we will send out confirmation of our decision formally following that meeting.

Have you checked [our] insurance?

I'd guess that if we have to cancel because the government tells us to, we should be able to claim against financial losses. But if it's our own decision, that gives an insurer ample room to wiggle out of it.

Just a thought. I'd be checking carefully, and looking to stare down the government if necessary. At least, if likely losses are non-trivial.


I have knowledge of insurance policies, I was an insurance underwriter and professionally qualified as such. As I pointed out my experience is dated. That doesn't change the point that if the policy covers business interruption from a public health emergency and one is declared the insurer must follow the policy wording. They can't suddenly decide to make up an extra clause and hope to rely on it to avoid the claims.

I don't think I said any more than that.

UncleEbenezer
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Re: Covid-19

#304467

Postby UncleEbenezer » April 30th, 2020, 12:42 pm

sg31 wrote:
UncleEbenezer wrote:Heh. So you have inside knowledge of the insurance biz.

Did it cross your mind that the government's delay in ordering lockdown might have been for the benefit of insurers? As in my email of March 14th about a then-forthcoming concert with costs for venue, singers and large orchestra:

> On 14 Mar 2020, at 12:42, [identity redacted] wrote:
>
> The committee will be meeting on Monday afternoon to discuss the logistics of this and we will send out confirmation of our decision formally following that meeting.

Have you checked [our] insurance?

I'd guess that if we have to cancel because the government tells us to, we should be able to claim against financial losses. But if it's our own decision, that gives an insurer ample room to wiggle out of it.

Just a thought. I'd be checking carefully, and looking to stare down the government if necessary. At least, if likely losses are non-trivial.


I have knowledge of insurance policies, I was an insurance underwriter and professionally qualified as such. As I pointed out my experience is dated. That doesn't change the point that if the policy covers business interruption from a public health emergency and one is declared the insurer must follow the policy wording. They can't suddenly decide to make up an extra clause and hope to rely on it to avoid the claims.

I don't think I said any more than that.


Indeed you didn't, despite my best efforts to persuade you to do so. You have answered neither yay nor nay. I can draw no more conclusions reading between your lines than my already-stated suspicion!

My point was that the government delayed declaring a public health emergency for about two weeks after both they and the media had made it unofficially clear. Lots of cancellations happened during that time, before there was - legally speaking - any such emergency. Hence (my speculation) insurers were spared paying out lots of claims on such events.

Looking further ahead, Plymouth - my nearest big city - is supposed to be holding big "Mayflower 400" celebrations this year, and has been preparing for years. I'm supposed to be singing in world premieres of various major new works this summer, commissioned for the occasion. That's a lot to lose locally!

dealtn
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Re: Covid-19

#309054

Postby dealtn » May 16th, 2020, 10:34 am

Snorvey wrote:Just to add to this existing COVID19 gripes....

The roads are quiet (but getting busier). WHY didn't they use this time to fix them up a bit? You know they're going to recommence the repairs just as the country opens up again. Surely a huge chunk of the road repair costs is traffic control?


Depends on who "they" refers to I guess. Round here plenty of council employees have been found work to do. Although on occasion it might be better if periods like this were used to not do work, so we can find out what actually isn't that important, and where savings in services and Council Tax could be found.

Maybe it's a combination of both, though I expect we will get "full service at full cost" when this is over.

didds
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Re: Covid-19

#309783

Postby didds » May 18th, 2020, 11:17 pm

Snorvey wrote:I saw pictures of packed prisons in Indonesia and Thailand. I cannot believe that they have no COVID19 outbreaks - there are 500 guys to a room designed for 100. They probably just don't bother counting them.


maybe covid-19 isn't getting IN the prisons in the first place? (merely a suggestion).

though Its more likely your idea is right!

didds


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