We at Quote IT Limited are contacting you as we understand that many, if not all, our clients may be concerned by the Coronavirus (COVID-19) pandemic.
Please be assured that Quote IT Limited are as prepared as possible for the disruption that will inevitably occur and we are having to adapt to a new daily routine and would like to inform you that we are doing everything we can to protect our staff, clients and associates and to maintain the continuation of service with minimal interruption.
Obviously the main concern for you is the operation of your business and is there cause to make a potential claim once this pandemic is under control and society gets back to some kind of normality.
The main area of cover that will be highlighted is Business Interruption and all we can advise at this time is that we are in constant communication with ALL the Insurers that we regularly deal with and are guided by the information and directives that we receive from them and , as you can imagine, with this being a new virus and a unique and extraordinary situation we all find ourselves in globally this is understandably taking longer than usual.
As things currently stand for most, if not all, Insurers COVID-19 is NOT covered under a standard Business Interruption policy. Most Business Interruption cover is based on a specified list of diseases and has been since the SARS outbreak in 2003. These policies exclude Business Interruption due to new and emerging diseases, like COVID-19.
The Association of British Insurers have suggested that most Business Interruption policies would not cover firms for closures arising from the spreading coronavirus.
It would be advisable to take some time to check your own policy wording and should any questions arise we will be more than happy to discuss them on an individual basis.
For those that DO have a policy that covers pandemics, the Chancellor of the Exchequers statement last week outlining this issue is sufficient and will allow businesses to make an insurance claim, however, until the crisis is over it would be difficult to quantify any claim, if made today, or in the next few months.
We appreciate your ongoing support and understanding during these challenging times, but you can rest assured that we at Quote It will be at your side throughout