The Coronavirus pandemic has impacted most businesses and many are facing significant losses. Extraordinary events cover in insurance policies is a life-line for many businesses through these challenging time, but some insurance companies are denying claims. In these circumstances speaking to a contract specialist is recommended.
During these unprecedented and challenging times many businesses face significant losses due to COVID-19, which threaten their very existence.
Many businesses felt reassured that they had an appropriate insurance policy in place, which they had taken out to protect them against future extraordinary events such as the one we all currently face. Some policies have been held for a considerable period of time, during which time the business has paid the required premiums. Many businesses with the benefit of these insurance policies have now been forced to make claims under them. Slater and Gordon has sadly leant that some insurers are denying claims made under their polices.
Claims are being denied despite the policy terms appearing to cover the current Coronavirus pandemic and resultant lockdown.
Not all the policies cover the current situation, but if they do the insured business would expect to receive a pay-out rather than their claims being denied.
We’re always on the consumer’s side and contracts entered in ‘good times’ to cover defined difficulties should be honoured when those difficulties occur.
The Financial Conduct Authority has written to insurance bosses in respect of the issue and the possibility of interim pay-outs. At Slater and Gordon we’re closely monitoring the development of the situation and are investigating the effects on businesses who’ve taken out policies.
Insurance policies are complex documents and sometimes a small nuance in language can change the meaning of a term. Our contract lawyers are specialists in this area and can assist with reviewing policies and challenging insurance companies that have refused to pay-out.
We’re transparent about our fees from the outset so you know exactly how much it’ll cost and what you can expect from us. As each business has different needs we’ve put together the following two fixed fee options which can be taken individually or together.
Stage 1 – Review of the terms and conditions of your policy and advice as to whether or not you’re able to claim for losses arising from COVID-19 and the lockdown. Fixed fee payment £100+VAT.
Stage 2 – Contacting the insurance company on your behalf, reviewing their response, setting out a roadmap of your options and discussing these with you. Fixed fee payment £150+VAT.
If you require any additional work we’ll tailor our service to your specific needs and fees can be agreed in advance with your lawyer.
If you’ve been affected by this situation and believe your insurance claim has been denied when it shouldn’t have been, please contact us by completing the form on this page.