Pandemic Insurance

[securespark]

In the States, companies are having their Pandemic insurance claims turned down because Coronavirus is not listed in their list.

This is sh!tty to say the least, especially when the list includes SARS and Covid-19 is recognised by many professional people as being related.

Typical insurance companies....when it comes to taking the money, "Thank you very much!", but when you make claim, you get the door slammed in your face.

There's going to be a huge backlash for sure.

 

[conny]

Seen an article yesterday and Hiscox said they cover notifiable diseases in the case of loss of business. However, when some small to medium businesses tried to claim they were refused. Hiscox explanation was it did not cover pandemics and notifiable diseases were only covered if within 1 mile of the business.
Err?

 

[motorbiking]

It’s likely that this is nothing more than a try on. Ombudsman can rule and plenty of legal firms bring claims against insurance firms denying claims on a daily basis.

 

[Mottie]

Trouble is, once a business is gone, it’s gone and no ombudsman can reinstate that business.

 

[noseall]

Trouble is, once a business is gone, it’s gone and no ombudsman can reinstate that business.

Isn't there a guarantee fund (government backed) for this sort of thing, i.e. for claimants etc?

 

[festive]

In the States, companies are having their Pandemic insurance claims turned down because Coronavirus is not listed in their list.

This is sh!tty to say the least, especially when the list includes SARS and Covid-19 is recognised by many professional people as being related.

Typical insurance companies....when it comes to taking the money, "Thank you very much!", but when you make claim, you get the door slammed in your face.

There's going to be a huge backlash for sure.

Lowdown scumbags what always gets me is the term insurance fraud, most of the time it's the insurance companies themselves that are fraudulent they need to be shown this word is a 2 way street. Scammers most of them.

 

[JohnD]

Trouble is, once a business is gone, it’s gone and no ombudsman can reinstate that business.

Double glazing companies (and others) go bust, discard their creditors, and re-emerge with the same directors and a similar name, all the time.

 

[Mottie]

Isn't there a guarantee fund (government backed) for this sort of thing, i.e. for claimants etc?

Possibly and the business owners may well be compensated eventually but by that point, once a business is gone, it’s premises are gone, it's staff are gone and it can never get back to how it was.

 

[Gasguru]

When they refer to SARS they too stupid to understand it refers to the virus SARS-CoV1 (severe acute respiratory syndrome Coronavirus 1)
And since this pandemic is from the same family of virus it is called SARS-CoV2, COVID-19 just being name the resulting disease (Coronavirus disease 2019).
And nCoV19 being the interim name for the new (novel) strain before formal naming.

 

[Mottie]

Double glazing companies (and others) go bust, discard their creditors, and re-emerge with the same directors and a similar name, all the time.

Yes but you can’t get compensation from an insurance company by just going bust can you?

 

[fillyboy]

Double glazing companies (and others) go bust, discard their creditors, and re-emerge with the same directors and a similar name, all the time.

Thank you John.

Needed 4 upvc windows and a door for my little home project. Phoned every local window company I could think of yesterday, all shut down.
Tried a company in Doncaster where I bought a couple of skylights the other week as they were cheaper than I could find anywhere else, 'Aye lad send us t' measurements and well give you a reet good price'.
Sent drawings through last night, email this am with good price, free delivery to Cornwall within two weeks and probably cheaper than I could source locally.
Seems there is a bit more of a 'business as usual' approach in the North of England, mind you, as a precaution, I'll wipe the frames with a damp cloth before unloading them.

Read more: https://www.diynot.com/diy/threads/soft-southerners-vs-hard-northerners.542959/#ixzz6JlYpqB2P

 

[JohnD]

Trouble is, once a business is gone, it’s gone and no ombudsman can reinstate that business.

But the directors can. Just change the name a bit, buy the assets cheap from the liquidator.

 

[ajohn]

Insurance companies always make their best use of the terms and conditions. The other problem is that they can in real terms be backed by a larger company who really are the insurers. If people think back to the pension fiasco it's pretty clear that no one wants them to go bust so people who had their pension with them suffered having picked them as they offered the best deal. Anyway CV1 is different to CV19 so who knows what will happen. Cost of insuring for something that hasn't happened - any pandemic would probably cost more as unlikely as they are.

 

[^woody^]

The whole point of insurance is for customers ensure that the actual risk is covered.

The premium affects the risk, so it's a two way thing - you get charged for what is covered, and lower premiums if things are not covered.

Its a very simple concept - read the schedule, make sure you are covered for what you want to be covered for. It's not a big issue or a conspiracy.

 

[ajohn]

Generally they charge on the basis of calculated risks based on statistics and profit. If they can't do that ..................................