Analysis

London Market sectors swerve direct Covid claims due to lack of non-damage BI extensions

By 2020-08-14T11:59:00

oil platform

For niche industry sectors such as energy and marine, the Covid-19 pandemic has exacerbated existing claims and informed future market fluctuations rather than had a direct impact on claim notifications. Insurance Times takes a closer look

Niche London Market sectors have managed to avoid being tarred with the same business interruption (BI) wordings brush as commercial property insurers because policies within the energy or marine markets, for example, do not feature non-damage BI extensions.

Although both the energy and the marine sectors provide BI cover, this is strictly triggered by physical damage – this means that insurers within these fields have seen very few claims notifications directly linked to the ongoing Covid-19 pandemic and the associated lockdown, where the government required non-essential businesses to close in order to mitigate the spread of coronavirus.

Read more…

You need to register to continue reading the rest of this article and more for free.
(If you’re already registered, please sign in here.)

Register now

We’re glad you’ve chosen Insurance Times as your source for industry news and hope you’ve been enjoying reading articles from our award-winning team of journalists.

Gain access to more of our exclusive, breaking stories, interviews and news analysis as it happens. Registering is quick, easy, free, and will also have the additional benefits:

  • Top level access to our Five Star service ratings across our annual Personal Lines, Commercial Lines, eTrading and MGA reports.
  • A choice of daily and weekly email newsletters that suit you, to keep informed of news across the industry directly to your inbox.

Register now to continue reading more for free

As a subscriber you will benefit from unlimited access to our news and news analysis, magazine editions, special supplements, exclusive research reports and full access to the Five Star service rating microsites - view subscription options.