Business Interuotion covid 19 insurance claim.

Case now closed

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We have been informed that our case is closed and no payment will be made.  I had prepared all the relevant schedules for our claim nearly 3 years ago. 
is this the end of the matter. ?

contavt the financial ombudsman?

Replies (17)

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By David Ex
10th Jan 2024 10:18

Why has your claim been rejected? Presumably you were told.

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By Hearts007
10th Jan 2024 11:20

However there are still many policy types and wordings that either do not provide cover or are now unlikely to be challenged in the courts, which we consider that your Policy falls into.
In light of this and having re-reviewed your file we unfortunately believe there is little to no chance of pursuing a successful claim on your behalf and we have now taken the decision to formally close your Business Interruption Claim File.
We are sorry that this may not be the news that you were hoping for.

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Replying to Hearts007:
RLI
By lionofludesch
10th Jan 2024 11:28

Tells us nothing, really.

Other than your policy doesn't cover a Covid pandemic.

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Replying to Hearts007:
paddle steamer
By DJKL
10th Jan 2024 11:50

Presume that is from your broker?

Question is therefore what cover you requested you needed and did the policy the broker procured on your behalf give that cover (which it appears it did not) and therefore do you have a claim against that broker (devil is in the instruction)?

Looks more like more a legal issue .

Mistakes with insurance readily happen .I have a meeting this afternoon with our current broker- apparently one of our policies we had via our previous broker would not have paid out were there a claim-luckily there was not but there but for the grace of god go us all, especially as a lot of policies are not that transparent or readily understood by the layman.

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Replying to DJKL:
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By Hearts007
10th Jan 2024 12:44

My claim was for £80,000. I prepared all the schedules to justify our claim.
Off course the insurers say you are insured against diseases but not against covid 19.
But who knew about that virus. ?
The PO were wrong to dismiss hundreds of claims.
So the government should intervene in this matter. Ie pay us out.

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Replying to Hearts007:
RLI
By lionofludesch
10th Jan 2024 12:51

Hearts007 wrote:

My claim was for £80,000. I prepared all the schedules to justify our claim.
Off course the insurers say you are insured against diseases but not against covid 19.
But who knew about that virus. ?
The PO were wrong to dismiss hundreds of claims.
So the government should intervene in this matter. Ie pay us out.

OK - what are you asking us?

More baffling - why are you asking us?

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Replying to Hearts007:
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By David Ex
10th Jan 2024 13:06

Hearts007 wrote:

My claim was for £80,000. I prepared all the schedules to justify our claim.
.

Not sure the existence of particular schedules is relevant. Either your policy covered the risk or it didn’t. That’s a legal question.

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Replying to Hearts007:
paddle steamer
By DJKL
10th Jan 2024 13:06

If you did not cover you did not cover, if you think insurers are wrong sue them, if you took out claims handling insurance you may get some of your professional costs back for such a challenge.

What you will not get is HMG paying you using my money, Post Office was different, HMG owned it, this is just commercial risk which it looks like you/your broker did not adequately address.

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Replying to DJKL:
RLI
By lionofludesch
10th Jan 2024 13:14

DJKL wrote:

What you will not get is HMG paying you using my money....

I believe you'll find that substantial payments have already been made.

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Replying to lionofludesch:
paddle steamer
By DJKL
10th Jan 2024 13:47

I though what they spent was covering wages and was soft business loans, was not aware they covered loss of profits.

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Replying to DJKL:
RLI
By lionofludesch
10th Jan 2024 14:09

What about SEISS?

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Replying to lionofludesch:
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By Hearts007
10th Jan 2024 14:15

Grants were received and deducted from our claim.
Our claim was based on loss of turnover (less. Cost of sales)
Wages were thru furlough scheme.
It’s all to do with the wording in the policy
We had business interruption but this does not include “viruses”
No COVID 19 mentioned on our policy !!
Someone said take legal action against our insurance brokers , as they are the ones responsible for getting the best deals around

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Replying to Hearts007:
RLI
By lionofludesch
10th Jan 2024 14:32

Hearts007 wrote:

Grants were received and deducted from our claim.
Our claim was based on loss of turnover (less. Cost of sales)
Wages were thru furlough scheme.
It’s all to do with the wording in the policy
We had business interruption but this does not include “viruses”
No COVID 19 mentioned on our policy !!
Someone said take legal action against our insurance brokers , as they are the ones responsible for getting the best deals around

Make sure you use a no win, no fee solicitor.

If no no win, no fee solicitor will take you on, you're backing a loser.

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Replying to Hearts007:
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By Leywood
10th Jan 2024 15:29

Hearts007 wrote:

Someone said take legal action against our insurance brokers , as they are the ones responsible for getting the best deals around

Whoever said it was right in that it is a legal issue. So why you are asking on an Accounting forum is anyone's guess.

Not related to the PO situation in the slightest.

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Replying to lionofludesch:
paddle steamer
By DJKL
10th Jan 2024 15:56

Its existence skated past me, apologies- we did not get to claim anything with any of our business entities so I never had to make a claim (besides we are mostly companies that were not eligible)

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Replying to DJKL:
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By Bobbo
10th Jan 2024 14:16

DJKL wrote:

claims handling insurance

Is that an insurance policy to cover claiming on an insurance policy?

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Replying to Bobbo:
paddle steamer
By DJKL
10th Jan 2024 15:52

Yep- legal assistance etc. We take out property cover, third liability, office, director liability, claims assistance, pretty much anything we can insure we insure.

A few years ago we had a claim against us from a member of the public who climbed over low chains (parking spaces with signs on them stating private property) who tripped on uneven ground, despite our not asking them to come on to our property we were advised by loss adjuster to accept claim (£10k cost) and only reason our insurers paid was the spaces were allocated to a let property, if they had not been so allocated, if unlet, insurance would not have covered them. Since then I have been paranoid about ensuring liability insurance is fully in place for everything.

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