Have you ever heard the old story of ‘A bank will lend you their umbrella when it’s dry but wants it back when it rains.’
Well, this seems to be the story of ALL insurance companies. “On calling my insurance company NFU (who may I say have provided me a second to none service for many years) they informed me that under their policy clauses we were not covered at all regarding Corina Virus, they were very apologetic and sympathetic.
If it was any other previous listed virus we would have been insured? Because this is a so called ‘new virus’ we were not covered. I was informed that this would be the case for most insurance companies in the UK.
Is this right? NFU put this press release on their website:
We understand this is an incredibly worrying time for many businesses beginning to be affected by the Coronavirus outbreak.
In line with UK market practice, our standard Business Interruption cover usually requires damage to property in order to be triggered.
There is an extension available for human diseases which some customers may have taken up. That provides cover if premises need to close or their use is restricted as a result of a specified list of diseases. Coronavirus is not included on that list.
In line with most other insurers, when Covid-19 was added to the government’s list of notifiable diseases, this did not change policy coverage.
We use this approach of naming individual diseases rather than referring to notifiable diseases to ensure that customers are clear about the level of cover being purchased.
The Chancellor of the Exchequer, Rishi Sunak, acknowledged that many businesses wouldn’t be insured when he announced his £330bn government support package for businesses.
If interruption to your business is not covered by your insurance policy, we would advise customers to seek out the Government’s package of support for businesses during the Coronavirus outbreak.
We do have a small number of covers or cover extensions in operation which might be triggered by Coronavirus. If you think you have one of these on your policy but are unsure, please contact your local agency or Mutual Direct for clarification.
You can see more questions and answers form NFU HERE