The Financial Conduct Authority (FCA) have been seeking guidance through a Test Case in the interpretation of certain policy wordings on Business Interruption and the impact of the coronavirus (COVID-19) pandemic.
The insurance market has always been subject to a ‘cycle’ with rates going down in competitive times and then up again when premiums become too low for Insurers to write profitable business. Now, after a prolonged period of decreasing premiums, rates are increasing.
We have been asking FSB members to participate in a survey on how businesses have been affected by the lockdown. The survey was intended to determine how a dual effort between the Government and Insurance industry can build a cashflow protection product to help businesses in the event of a future government lockdown.
FSB Insurance Service policyholder, Simon Cruickshank, was faced with flood damage to his business, Trouper’s Bar in Stonehaven, requiring a significant clean up and use of dehumidifiers just four weeks after reopening post-lockdown.
Many businesses operate either by working on-site, or by visiting peoples’ homes, and this requires vastly different considerations compared with working from your own premises.
We have partnered with Creditsafe so registered members can access Creditsafe’s full platform for free for 90 days, after which you will have a 20% discount.
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