"Six of the best"

To support our members in navigating the challenges of the coronavirus pandemic, in March our Insurance Societies launched ‘coronavirus hubs’; repositories for digital content that will provide insight, guidance, skills, and knowledge. We take a look at some of the highlights from the last month:

Business interruption issues

Business interruption claims have been a huge cause for concern amongst our members. Insurers are bracing themselves for a huge influx of claims, whilst brokers and claims handlers are preparing for difficult conversations with policyholders who may not have adequate cover in place. The answers are often found in complex policy wordings, and both businesses and insurers are coming to terms with navigating a situation which is largely without precedent.

In this webinar, Damian Glynn, Director of Financial Risks at Sedgwick, takes members through the key issues in his no-nonsense, conversational style. Covering areas such as notifiable diseases, act of competent authority, and supplier & customer extensions, this is an invaluable primer for members.

View the webinar HERE

Business interruption claims

Although it’s becoming clear that many businesses are lacking the required business interruption extension to cover pandemics, those that do face different challenges. How will their loss be valued against a backdrop of widespread reductions in demand?

This blog from Graham Purdon of Concordia Consultancy considers what members can learn from other events, including Hurricane Katrina and the Thailand floods of 2011.

Read the article HERE

New risks: Unoccupied properties and remote working

Government guidance has fundamentally changed the way many businesses and individuals are working, throwing up a host of new issues for brokers and insurers. With people working from home, the chances of accidents and breakages happening indoors will increase. Who is liable when the place of work has changed?

Unoccupied commercial properties also a raise a number of questions. Policies often include clauses for properties that are vacant, and these may need to be extended. Will the rules regarding unoccupied property inspections be relaxed by insurers?

This article from James Moorhouse considers the many uncertainties that both insurers and policyholders are facing, highlighting the need for flexibility as we navigate the situation.

Read the article HERE

Tips for surviving lockdown in a healthy and holistic manner

While many of us are wrapped up in policy wordings, exclusions, and extensions, it can be all too easy to forget the importance of our own health and wellbeing as we adjust to different ways of working.

Here, Society of Underwriting Professionals Advisory Board member Sophie Ezadkhasty takes a light-hearted look at how members can look after themselves whilst in ‘lockdown’. Covering areas such as exercise, gardening, and meditation, there is something for everyone.

Read the article HERE

Coronavirus scams on vulnerable people

The way in which our profession treats the most vulnerable in society is key to improving public trust and achieving better outcomes for our customers.

The coronavirus pandemic offers a host of opportunities for criminals to exploit people with dementia. Self-isolation can leave the vulnerable without the guidance and support of friends and relatives in spotting scams, and concerns around health and finances can be powerful emotional levers for scammers to pull upon. Charitable activities and increased communications from banks and utility companies all provide opportunities for impersonation and manipulation.

This blog from our Policy and Public Affairs department provides a primer for our members to help them support their customers and clients. It concludes with links through to the valuable work of Insurance United Against Dementia (IUAD), and the Good Practice Guide we published last year in partnership with Alzheimer’s Society. 

Read the article HERE

Surge events

A surge event can be defined as when a sudden incident occurs, such as a catastrophe or natural disaster, resulting in a dramatic rise in insurance claim enquiries.

Work on updating our surge events guidance actually began long before the coronavirus pandemic started to have an impact, with the update being principally driven by the increase in extreme weather, especially flooding, in the UK in recent years.

With that said, this guide provides evergreen insight that can be easily applied to the current situation. It takes members through planning and preparing for surge events, to dealing with them in real time, and learning from them afterwards. As always in our Good Practice Guides, it concludes with implementable recommendation for readers, such as effective use of data and communication methods.

Read the Good Practice Guide HERE