We look at the insurers that have stepped up to the plate and extended cover automatically in the wake of #coronavirius social distancing measure.
Many retail premises are currently left unoccupied due the social distancing measures….ensure that cover remains adequate during this period.
Further to our blog post regarding keeping social with your clients, there are many clients worried that they have had to leave their commercial premises ‘unoccupied’ due to the social distancing restrictions in place.
We’ve published below a list of insurers that have stepped up to the plate and removed cover restrictions (or improved them) automatically in response to this, and we hope to add to this list as and when we have news updates.
We’ve also found other insurers extending cover under motor insurance contracts to include volunteering, and liability cover extended for those restaurants that are now becoming home delivery services instead.
Unoccupied property cover: The following insurers have taken a proactive stance in ensuring continuous cover for their policyholders following a period of unoccupancy due to #Covid19
Aviva have extended cover to 90 consecutive days unoccupied (from their standard level) (effective from 26 March 2020)
Allianz have confirmed that cover will continue for 60 consecutive days of continued unoccupancy (above their standard 30 or 45 days)
Ageas have also confirmed cover will be temporarily amended to extend cover for upto 60 days from the date of forced closure.
AXA have also confirmed cover will be temporarily amended to extend cover but highlighted this will be for ‘a minimum’ 60 days from the date of forced closure.
Ecclesiastical have included a Temporarily Closed Premises condition which they have applied by way of A Letter of Intent, extending cover to 30 June 2020 in most circumstances, subject to few conditions. (use the link to verify if these apply to your client)
Hiscox have extended their usual 30 days unoccupancy period to 90 days automatically, with recommendations to turn off water supplies.
RSA have extended their unoccupancy period to 90 days automatically, dropping their inspection condition temporarily, and reinstating Malicious Damage and Escape of Water where these wold normally be excluded.
Zurich have dedicated hub for Coronavirus FAQs where they confirm that they won’t be applying their usual Unoccupied conditions.
Most insurers are looking to review this stance towards the end of May should the closures remain in place.
Note: Information shown on this page has been taken from the relevant insurers’ website, we suggest you follow the link for full terms and conditions relevant to that particular insurer. These amendments are changes from the insurers standard open marketing wording, and therefore some other policies that already have a wider unoccupancy period will need further investigation.