Anyone claimed Business Interruption Insurance???

[curlietailz]

As title really
Lots of us have NFU Business Interuption Insurance
And when Covid struck lots of diversification was forced to close by the Govt
Classic Business Interuption I reckon

anyone successfully claimed???

 

[nick...]

Tried to get bad dept recovery insurance Recently but they and underwriters want an absolute fortune as I’m sure they are expecting a few companies to fold.anyone else have it
nick...

 

[yellow belly]

I claimed on the business interruption policy when we had a tractor stolen which had loader and bucket on it
claimed for hire of loader
as replacement was 12 weeks delivery new for old as an implement

had a Nfu mutual travel policy which paid out in full for skiing/rugby international trip To Italy

daughter paid £100 less for a travel policy From another insurer and is out of pocket big time
trip to Australia Malaysia ect

 

[spin cycle]

As title really
Lots of us have NFU Business Interuption Insurance
And when Covid struck lots of diversification was forced to close by the Govt
Classic Business Interuption I reckon

anyone successfully claimed???

that depends on what cover you have.......standard cover no chance.....if you've taken out additional and pricey extra cover beforehand maybe ......had a long chat with our nfu lady about it out at renewal meeting

 

[goodevans]

I had started another thread but unfortunately got no reaction as I also wanted to know how people were getting on now the court has ruled against the insurance companies. My broker originally told me in March no claim could be made,so I didnt, now i wish I had as they now seem to be dragging their feet and I am struggling to get a response.A different insurance company and a non agriculturally related business,but my policy did have a business interuption clause in it.

 

[goodevans]

The latest update I can find is the insurance companies are taking the decision to the supreme court to appeal

 

[spin cycle]

The latest update I can find is the insurance companies are taking the decision to the supreme court to appeal

my broker told me last friday the courts had ruled in their favour

 

[goodevans]

Oh dear

 

[Sid]

Sounds like a case for claiming back the premiums for mis-sold insurance?

 

[Nigel Wellings]

Business interruption Insurance generally covers you for additional costs and losses sustained following a physical event such as a fire, vandelism, storm , theft etc. So after a Combine fire it pays for hire of a replacement machine or a Contractor. The physical events are all fully defined in the policy, there are also then some very limited (generally) additional covers for things such as closure of the premises or human diseases that I have never seen claimed on before. The Courts have ruled in favour of the policyholders but the majority of policies still have no such cover. The NFU Mutual have a page on their website explaining that the Court decision has no effect on their policyholders because their policies did not cover it in the first place.

 

[yellow belly]

i learnt many years ago to ask lots of question about the detail of insurance cover get it on paper recorded
think of all the what if senarios that could happen that you cannot afford to suffer a loss with
do not make it a cosey chat a good insurance broker /agent will answer all questions and record the answers

 

[goodevans]

Business interruption Insurance generally covers you for additional costs and losses sustained following a physical event such as a fire, vandelism, storm , theft etc. So after a Combine fire it pays for hire of a replacement machine or a Contractor. The physical events are all fully defined in the policy, there are also then some very limited (generally) additional covers for things such as closure of the premises or human diseases that I have never seen claimed on before. The Courts have ruled in favour of the policyholders but the majority of policies still have no such cover. The NFU Mutual have a page on their website explaining that the Court decision has no effect on their policyholders because their policies did not cover it in the first place.

Likewise my policy with Zurich does not cover it although it does cover notifiable diseases but unfortunately covid 19 was unheard of last October