Does your Insurance cover COVID-19?
Does your Insurance cover COVID-19?
Not all insurance policies cover disruption caused by the lockdown. If your business disruption policy doesn’t specifically cover pandemics/infectious disease, you might still be able claim under more general provisions of your policy, for example relating to the loss of suppliers or key personnel. Most policies require you to notify a claim within a set period of time. You should check what your policy says and bring a claim quickly.
Some insurers are declining to pay out under business interruption insurance claims and there is talk of a potential group action against Hiscox. If your insurer rejects your claim, we can advise you on your options.
Don’t forget that your insurance policy is only one of the options currently available to you. The Government has introduced a number of support schemes in response to the pandemic, including Coronavirus Business Interruption Loan Schemes which offer access to loans, overdrafts and other financial assistance subject to certain conditions.
The contents of this email are intended for general information only and does not constitute legal advice. Wallace LLP cannot accept responsibility for any loss arising from the use of the content in this email. This information was prepared on 6 May 2020.
