Updated 15 June 2021
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.
As the Government have announced a short further delay in full lifting of Covid -19 restriction you may once again be having to make adjustments to your business. Contact your usual Account Executive to discuss how this could affect your 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.