The president and chairmen of broker AJ Gallaghor has reassured risk manager that the firm will fight their corner to make sure valid business interruption(BI) Claims for covid-19 virus related losses are honoured by insurers as the battle over BI claims continues to hot up in the U.S. Brokers are having a difficult time with the BI claims for virus related losses. As representative of the client, they must seek to ensure that their customers secure maximum return from coverage. but at the same time, brokers hav to make sure they do not raise expectations among customers and give the impression that claims will be paid when they are not covered. Plantiff lawyers in the US are currently working around the clock to find ways of accessing BI coverage for customers struggling with cash flows during the crisis, and currently the main target Is insurers that have issued vague or very broad based covers. But it is likely that suits will also brought against brokers for misleading customers about the breadth of their BI coverage.
- FCA SEEKS COURT DECLARATION TO CLARIFY BI VIRUS COVER FOR UK SMES – COMMERCIAL RISK.
- Unique Benefits of Insurance Identity