Huw Evans Barrister

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British companies with a cash-flow Crisis , because many were forced to close, due to the lockdown

the dividends Paid to the UK company Will Cost about coronavirus could be £1. 2bn, the first estimates of The Association of British Insurers (ABI) show.

in the close to £900m to go on a small number of companies, the Infectious Disease insurance, the ABI says.

Watchdogs are forecasting a rise in disputes between businesses and insurers on the question of whether your coverage includes the financial impact of the Covid-19.

The Treasury Select Committee, insurers are pushing fairly with the plaintiffs.

Most of the £1. 2bn figure is from the business interruption insurance, but only for those companies that took the specialist policies, such as the All England Club ,

The organizers of Wimbledon cancelled his lucrative sporting competition, but is declared by the insurance company

ABI chief executive Huw Evans Paid for, why some claims do not lead to a payment.

"Most business interruption insurance policies, Most companies have developed very much and they protect you against fire and ground Every Day risks, protect your business and in the small number of cases, it is designed to diseases which come to your premises for a short duration, they are not intended to and does not cover the price of a global pandemic. "

But Mr Evans also said it is claimed to go to arbitration between insurers and claimants on the question of whether you are covered for the pandemic.

If the insurer and the company, clarify it is not the settlement of the conflict between self-and it goes to the Financial Ombudsman too.

claims rejected

The ABI said its early estimate also includes a Record £275 million Paid to customers in case of cancellation claims on Travel Insurance policies, and £25m for claims in connection with weddings, trips, class and events.

The first estimate of £1. 2 billion in distributions, not included, to be invoked by The Major insurance market Lloyd's of London.

the comments on the ABI claims, the Commons Treasury Select Committee chair Mel Stride , said had heard of MPs, the fight of many British companies to make money from their insurers.

"is estimated by The ABI that its members pay £900m in business interruption claims coronavirus.

"However, The Committee continues to receive notes about the difficulties with which companies are confronted in the production of a successful claim.

"For example, [Pub and dining area company lobby group] UKHospitality told us that 71% of members had rejected the claims, with only 1% of them have no Success .

pubs, bars and restaurants are almost empty, in the UK for More Than a month

"There are many cases in which private individuals and companies believe that they are covered, but in reality, it can't be.

"We Are concerned, However, that the insurance industry goes The Extra mile in satisfaction of claims as much as possible. For example, where there are the gray areas in policy. "

'Urgent concern'

last week, the Financial Conduct Authority has ordered the insurance company to pay claims "as soon as possible," or explain, the watchdog.

The British Chambers of Commerce's head of economics, Suren Thiru, said Cash Flow was a "pressing concern" for its member ", so vein, it is particularly disappointing that many a hard fight on such an important life.

"The insurance industry has the opportunity to show that it is for our economy, when you need it the Most and work together to help with the government, their clients weather this unprecedented economic Crisis . "

insurance

Source of news: bbc.com