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Insurance - Business Interruption

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  • 11-05-2020 2:31pm
    #1
    odeamarcas
    Registered Users Posts: 71 ✭✭


    Afternoon all.

    We are a service based business in the leisure sector, and naturally we've been on "shut down" since March. We have 12 staff, and 2 Directors.
    We have general business insurance and we're now about to engage with an insurance industry entity that is looking at legal phraseology and technicalities ("loopholes" and "angles") that might work in terms of skirting around the insurance companies resistance to liability for business interruption support / insurance.

    Has anyone here had any experience to date?

    Thanks.


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    #2
    Chiorino
    Registered Users Posts: 621 ✭✭✭Chiorino


    Depends by what experience you mean. Generally speaking, most (as in the vast bulk) business interruption policies don't cover events such at the one at present however insurers have been directed to find in the clients' favour if any wording is ambiguous or unclear. If you feel that you do have genuine grounds to make a valid claim and your insurer doesn't agree, you can refer the case to the Financial Services Ombudsman.

    Is there something specific in the wording of your policy that you feel would give valid cover?


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    #3
    NSAman
    Registered Users Posts: 3,437 ✭✭✭NSAman


    Going through the same issues in the States.

    So far we have claimed. Had three assessors and to date only one insurance company has in anyway dealt with the issue and that is to say a 25K payment once off.

    The others have claimed "act of god"... personally thought it was the act of a human eating an infected food source.

    We have gone the legal route and handed all correspondence over to our lawyers.

    New terms and conditions have been sent to us as the original documentation says nothing that excludes a "pandemic"...... interesting times ahead.. not to mention expensive.


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    #4
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    odeamarcas wrote: »
    Afternoon all.

    We are a service based business in the leisure sector, and naturally we've been on "shut down" since March. We have 12 staff, and 2 Directors.
    We have general business insurance and we're now about to engage with an insurance industry entity that is looking at legal phraseology and technicalities ("loopholes" and "angles") that might work in terms of skirting around the insurance companies resistance to liability for business interruption support / insurance.

    Has anyone here had any experience to date?

    Thanks.

    You see, this is the the thing. It's not "support". It only works if there is property damage, which there hasnt been. Or an instance of a notifiable disease at the premises or within X radius if your policy has that extension.

    People saw "business interruption" and never read what it covered. So when the **** hit the fan and places closed, people had a quick look and discovered it wasnt what they thought.

    Expect the wording to become quite clear going forward that they won't cover pandemics and it will also end up excluded under the liaiblity cover.

    It will be this generations asbestos.


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