U.K. media businesses affected by the coronavirus pandemic can expect no relief from insurance companies unless the disease is specifically covered in their contracts.
The U.K. government’s failure to issue a diktat to businesses — including cinemas and theaters — to shut down, and instead advising people to simply “avoid” social venues, has caused widespread concern that the soft directive has rendered them ineligible for insurance claims.
However, an advisory issued by the Association of British Insurers (Abi) makes it clear that payouts are unlikely even if businesses are shuttered by government order.
“Standard business insurance policies are designed and priced to cover standard risks and are therefore very unlikely to provide cover for the effects of global pandemics like Covid-19. This includes forced closure by the authorities,” states the Abi advisory.
The International Underwriting Association states there is no one-size-fits-all insurance remedy for the current crisis, and advocates...
The U.K. government’s failure to issue a diktat to businesses — including cinemas and theaters — to shut down, and instead advising people to simply “avoid” social venues, has caused widespread concern that the soft directive has rendered them ineligible for insurance claims.
However, an advisory issued by the Association of British Insurers (Abi) makes it clear that payouts are unlikely even if businesses are shuttered by government order.
“Standard business insurance policies are designed and priced to cover standard risks and are therefore very unlikely to provide cover for the effects of global pandemics like Covid-19. This includes forced closure by the authorities,” states the Abi advisory.
The International Underwriting Association states there is no one-size-fits-all insurance remedy for the current crisis, and advocates...
- 3/19/2020
- by Naman Ramachandran
- Variety Film + TV
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