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Insurance claims for loss of income

Mick

Joined: 1-01-89

Topics: 11

Replies: 236

Posted: Fri 15th Jan 2021, 11:40am
Insurance claims for loss of income

Sheffield Model Engineers were turned down by their insurance company for claiming loss of income due to the pandemic on the grounds they weren't covered for that situation. The Supreme court has just ruled against the companies and in favour of policyholders. We'll try again! You may be affected.
 

Replies To This Post

HauteSaoneFrance

Joined: 2-01-14

Topics: 42

Replies: 165

Posted: Fri 15th Jan 2021, 8:32pm

A thorny old problem and I would say if you have cover and your insurer pays out watch out for whopping premium increases in the future? An insurance executive one said to me many years ago 'You Insure Yourself' I don't reckon he was kidding when I tot up how much I have paid in premiums over the years?
 

Mick

Joined: 1-01-89

Topics: 11

Replies: 236

Posted: Sat 16th Jan 2021, 11:21am

Too true, but the amount we have lost is in the thousands, so a higher premium - which perhaps everyone will have to pay whether they make a claim or not - will be insignificant in comparison. We have this type of insurance in case something stopped our operations, for example in case of vandalism, but fortunately we don't have that problem where we are situated. We didn't foresee a pandemic!
 

HauteSaoneFrance

Joined: 2-01-14

Topics: 42

Replies: 165

Posted: Sat 16th Jan 2021, 10:40pm

I assume it was a no from your insurers Mick? Insurers always exclude acts of war on the basis that only governments have the ability to cope? Covid is indeed a worldwide war where we can't see the enemy. I hope we all servive it?
 

Mick

Joined: 1-01-89

Topics: 11

Replies: 236

Posted: Sun 17th Jan 2021, 10:02am

We are insured through Walker Midgley the official model engineering brokers, and one of our members was the company owner, now a consultant. It's said by the FCA which brought the legal action that some 370,000 companies have been denied payment. There seems to have been two areas cited by the insurance companies: Covid was not covered because it's a coronavirus i.e. it's an influenza which is excluded and/or that the policies didn't cover widespread disruption, it had to specifically refer to the claimant's business. Walker Midgley is working on our behalf to try to get our payment.
 
 
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