Information from the Financial Conduct Authority

The Financial Conduct Authority (FCA) has created a section on their website https://www.fca.org.uk/consumers/insurance-and-coronavirus to provide guidance for consumers.  A relevant extract is shown below for our Commercial policy holders on Business Interruption.

Business interruption (BI) insurance

We understand that a number of businesses have been frustrated with their insurer, specifically in relation to their BI insurance. Based on our conversations with insurers to date, our estimate is that most policies have basic cover and do not cover pandemics. Therefore there is no obligation for the insurer to pay out claims in relation to the coronavirus pandemic. In cases where it is clear that the firm has an obligation to pay out on a policy, we expect insurers to assess and settle the claim quickly. Also, where there is a valid claim, we are encouraging insurers to issue interim payments to ease some of the burden on small businesses. If you bought your policy through an insurance broker, you may want to speak to them in the first instance.

If you are unhappy with your insurer’s approach (eg poor claims outcome, how the claim was dealt with, length of time) and your business annual turnover is below £6.5m, and has fewer than 50 employees or an annual balance sheet below £5m, it is likely to fall within the jurisdiction of the Financial Ombudsman Service, where you can refer your complaint to. This can offer the prospect of faster decisions (on claims of up to £355,000) than a Court Process and, where appropriate, more timely payments that help firms recover from the impact of coronavirus, if the outcome is successful.

 


Of course if FCA guidance to us changes we will update our clients accordingly.

Accredited

Medical Insurance Consultants Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 309026.

Personal

We are committed in providing a first class service to all our clients, not just when you take out a policy, but throughout the life of your policy. We make sure that you have the support and advice needed when it comes to claiming.

Professional

We have been operating for over 30 years specialising in the insurance needs of healthcare providers and professionals. Our aim is to continue to develop, innovate, improve and reduce the cost of insurance for all our clients and future clients.

Contact us today to see how much we can help you save

Let us provide you with a quote and you can see the benefits for yourself

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