Updated 26 August 2020

Financial Difficulties due to Coronavirus

The Financial Conduct Authority (FCA) has confirmed a series of measures aimed at assisting insurance customers who may be suffering financial difficulties as a result of Coronavirus (Covid-19) pandemic.

The targeted measures being implemented require firms to consider what options they can fairly provide to benefit customers, including:

  •  Reassessing the risk profile of customers. This may have changed because of coronavirus and there may be scope to offer customers materially lover premiums.
  • Considering whether there are other products they can offer which would better meet the customer’s needs to revise the cover accordingly.
  • Waiving cancellation and other fees associated with adjusting customers policies.

These actions could result in a reduction in the monthly premium for customers paying by instalments or a partial refund of the premium for customers who have paid up front.

We want to do all with can to assist you at this difficult time, so please contact us if you are suffering from financial difficulties, or anticipate that you might in the near future, in order to discuss whether any premium savings can be achieved.

Business Interruption Insurance

There has been a lot of media attention around Business Interruption insurance and you will no doubt be wondering whether your Business Interruption insurance protects you against a loss of income due to the coronavirus pandemic.

Business Interruption usually provides cover only for a specific number of notifiable diseases, as detailed in the policy wording, which has been the situation since the SARS outbreak in 2003. These policies therefore exclude business interruption due to new and emerging diseases.

There are some few exceptions, but the current COVID-19 outbreak is not covered under a significant majority of business interruption policies and we regret to advise you that it is unlikely that you will be covered.

However, the Government launched the Coronavirus Business Interruption Loan Scheme on 23 March. The scheme will provide government-backed loans of up to £5m to small and medium sized businesses, while the Bank of England’s Covid Corporate Financing Facility will provide working capital for large firms.

You can find details of the scheme and participating lenders at British Business Bank

Business Insurance

Preparing to open after the long period lockdown, make sure that you have carried out a risk assessment of your premises and followed the relevant Government guidance to make your business Covid-19 Secure.

If you have had to make changes to your premises or the way you work, make sure you contact us to update your insurers to ensure that your cover remains adequate.

If your premises continues to be unoccupied due to having to temporarily close, or staff working from home due to Covid-19, please contact us to discuss your insurer’s conditions.

Agricultural Insurance

An update from Farmweb is available at their website – Farmweb

Currently all other insurers have not changed their standard terms. Please contact us to discuss your specific situation.

Personal Insurance

Working From Home

AGEAS INSURANCE – Ageas household policies would not be impacted if you work from home, as long as it’s on a clerical business use basis only.

However, contents cover only extends to your owned home office equipment and furniture, which is used for administrative and clerical activities undertaken at home.

AVIVA INSURANCE – Will during the duration of the lockdown consider office equipment in the home as contents in the event of a claim.

Health & Protection Insurance

Access to remote GP Service

Vitality Health – Vitality have extended their access to their Vitality GP to all Vitality Members – Life, Health and Invest

WPA- have extended access to their remote GP service for all members of a private medical scheme, both group and individual.

AXAPPP – Access to their video and phone GP Doctor@Hand

Useful Information

Keep up to date with the latest details and guidance from the UK Government via their website – Gov.UK

Concerned about symptoms visit NHS Online

Coronavirus & your wellbeing