Explanatory papers to assist in coverage description
A number of insurance brokers and AR’s have requested help in preparing explanatory notes to provide to their clients, in the hope of reducing the number of calls they are dealing with. It is never easy to say that there may not be coverage available.
In my experience, it is important to be honest and to show why things are the way they are. It will not stop the anger and disappointment in some people, but it does help with many. It is certainly better than giving false hope. That is what I have tried to achieve here.
With the team of LMI Media, I have prepared two papers that may be of assistance to you, and you are more than welcome to use with your clients. You also have full authority to co-badge it if you wish, by adding your company’s logo to the right hand side, at the top.
PDF versions can be safely downloaded below.
Under the contingent business interruption extensions, there are a wide variety of wordings in use. In such challenging times, as we have at present, with both the bush fire prevention of access claims and Coronavirus, it is worthwhile for brokers and corporate risk managers to reach out to experts. Even well-versed insurance professionals can make the “wrong” interpretation in the complex world of business interruption. I and the team, are always here to help.
Thank you very much Allan, this is very helpful!
Thanks Allan
One of our AR’s brought up the issue Corporate Travel policies if on renewal and thinking about changing Insurers at such a time ? Like the FOS Corporate Travel example you were involved in 2018/2019 with the ‘Loss of Deposits’ dispute between 2 Insurers .
Regards
JOhn
Thank Allan,
If the infectious disease endorsement on a a policy doesn’t mention the 2015 Biosecurity Act which replaced the Quarantine Act 1908, would policy coverage apply?
Or would the words “and subsequent amendments” capture this legislation change?
Xavier
Thanks Allan, however I think there’s a typo in the BI paper – wasn’t SARS in 2003 – not 2013?
You are correct. My apologies, it was a typo and I have fixed it. Thanks for advising.
[…] on 2nd March 2020, I posted an article setting out the way business interruption insurance was meant to operate in a pandemic situation […]