The Association of British Insurers, the voice of the UK’s insurance industry, has published some information to assist businesses.
It covers business interruption insurance, including what the policies generally cover, e.g. whether COVID-19 would apply under a ‘notifiable disease’ extension to business interruption cover. Other business issues include guidance on whether owners need to continue to make regular visits to unoccupied business premises if it is against government guidance, and whether cyber insurance policies cover working from home/remote working. They suggest businesses follow the advice from the National Cyber Security Centre to ensure cybersecurity remains at a high level and IT systems are protected.
Further information including advice, guidance, and common questions relating to insurance can be found on the ABI Coronavirus Information Hub.
Meanwhile the FCA (Financial Conduct Authority) is to seek legal clarity on business Interruption insurance issues that businesses have encountered. Read their press release here.
At the same time, the FCA is also producing new guidance for insurance firms, expecting them to consider whether and how coronavirus may have materially affected the value of their insurance products. One example quoted is public liability insurances for businesses that are unable to open, such bars and restaurants.
The following NCC members have provided specific information on COVID-19: