At CBC we want to ensure that we are doing all we can to keep our customers informed and provide assistance where we can. The following information sets out how the Coronavirus (COVID-19) may be affecting your business/policy.
If you feel that any of these topics affect you, please do not hesitate to contact your account handler, who will in turn reach out to insurers on your behalf. As your Broker, we are here to address any insurance concerns you may have at this time.
Business Interruption Claims
If you feel you have sustained a loss during this unprecedented time, regardless of whether or not you intend to claim, we suggest that you advise your account handler of a provisional claim notification, who will notify your insurer and ask for their specific acceptance/denial of your claim.
You may be aware of various court cases, one of which is being brought by the FCA, to establish whether insurers should pay Business Interruption claims relating to COVID. More Information regarding this process can be found on the FCA website using the following link: https://www.fca.org.uk/firms/business-interruption-insurance
Your claim will be categorised, as specified below, by your insurer who in turn will contact you directly or via CBC by the 15th July 2020.
a. The outcome on claims that (including questions of causation of loss) may be affected by the final resolution of the test case and the implications, or
b. The outcome of the test case will not affect the claim and the reason why together with implications.
If you have been notified that your claim falls into category ‘a’ above, insurers have a responsibility to keep you informed of those cases, which have been taken to court and the outcome, which could have an impact on your claim.
If you have been notified that your claim falls into category ‘b’ above, you may find that taking legal advice is the right decision for you and your business. Alternatively, you can contact our Claims Director, Rob Pearman, email@example.com, or firstname.lastname@example.org for further information or assistance.
Clients in Temporary Financial Difficulty
If you are in temporary financial difficulty due to COVID-19, please do not hesitate to contact us so we can review your situation and look at ways we can assist regarding your insurances. These are predominately ways to give you longer to pay.
Further guidance can be located on the FCA website via the following link: https://www.fca.org.uk/publications/feedback-statements/fs20-3-temporary-financial-relief-consumers-coronavirus-feedback-draft-guidance-rules
We trust this provides you with enough information at this time and we will provide you with additional information as and when receive this from insurers or the regulator.