Business Insurance Lockdown Concerns
It seems very likely there will be second wave of coronavirus in the not too distant future. Whether or not that brings a second lockdown on the same scale as the one we saw in March remains to be seen. People will no doubt be concerned from a health perspective, but what about from a business perspective for business insurance in Northern Ireland? Being a business owner there will no doubt be even more uncertain times ahead. One thing that will be needing some clarity is the Business Interruption Insurance coverage some insurers have provided for on their policy wordings.
You may or not be aware, the FCA is involved in a test case to see if there can be much needed clarity brought to coverage under a business insurance policy & more specifically, the Business Interruption insurance afforded under them. The main aim of the test case if to see if insurers should cover non-damage BI claims under their business interruption section of the policy wording.
Even in the cases where liability has been agreed by insurers, the same insurers (in some cases) are making deductions for the Government Support that a policy holder will have received during the first wave of the Pandemic. The test concluded on 30th July and we all now currently waiting on the High Court judgement – a decision that will affect a great many people. Not only business owners will be watching closely, but employees will also – their job may well depend on it should there be more cuts due to a second waive. A critical moment awaits many of us.