Covid-19
Posted: 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.
That didn't take long.
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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.
> 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.
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.
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.
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?
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.