We hope that you are keeping well.
We are continuing to remain in constant contact with our insurers to try to limit, as much as possible, the restrictions and disruption potentially faced by your clients. We have recently received a second update from our Insurers in respect of policies held by ERGO Versicherung AG Dusseldorf.
“Our underwriting team have reached the decision with immediate effect that if a business is closed as a result of the COVID-19 situation, coverage afforded by the policy will continue to operate as if the business were continuing to trade from the premises.
We are providing this amendment to cover up to and including the 30th June 2020. Thereafter, we reserve our rights to rely upon the original policy wording although we will notify you in advance of our intentions beyond this period.
For unoccupied risks we are agreeing to suspend premises inspection conditions if the inspection(s) cannot be carried out due to government restrictions on the movement of people.’
The wording below will attach to all renewals:
It is noted and agreed that cover under this Certificate/Policy will remain unaltered up to and including the 30th June 2020 (provided this Certificate/Policy has not expired) if the Premises become Unoccupied because of the COVID-19 situation.
Thereafter if the Premises remains Unoccupied, the original Certificate/Policy wording will apply unless specifically agreed in writing by Us. If it is a condition of this Certificate/Policy that the Buildings must be regularly inspected, We agree that the condition is suspended if the inspection(s) cannot be carried out due to government restrictions on the movement of people.”
Please continue to contact us here at Capital Insurance Markets if you have any queries on individual policies, we would be happy to chat with you.
The Capital Insurance Markets Team