NFU mutual holiday let cover

[Glen Lad]

Just a quick post to see if anybody would have an answer to my ?
I have been lucky enough to have been paid Holiday cancellation insurance from the
NFU ,they now want to move onto the loss of profit claim.They have sent me a list of
what they need .I need to know if the money they have already paid me out will
be taken of the loss of profit policy ,i kind of think they will but some people think
it is a completely different claim.

 

[Frank-the-Wool]

Just a quick post to see if anybody would have an answer to my ?
I have been lucky enough to have been paid Holiday cancellation insurance from the
NFU ,they now want to move onto the loss of profit claim.They have sent me a list of
what they need .I need to know if the money they have already paid me out will
be taken of the loss of profit policy ,i kind of think they will but some people think
it is a completely different claim.

Do you mean you have claimed for a holiday you have had to cancel. Or you have holiday lets that were forced to cancel due to C19?

Loss of profit surely relates to business interruption policy?

It is not clear what you are asking.

 

[Glen Lad]

Hi thanks for the reply it is not classed as business interruption ,but i had booking cancellation policy with NFU which they have paid out
all my cancelled bookings due to covid ie lockdown 1,2,3.They now want to move onto my loss of profit claim which they have accepted
liability .My question is can they off set the money they have already paid me out against the next claim for loss of profit?

 

[Frank-the-Wool]

Hi thanks for the reply it is not classed as business interruption ,but i had booking cancellation policy with NFU which they have paid out
all my cancelled bookings due to covid ie lockdown 1,2,3.They now want to move onto my loss of profit claim which they have accepted
liability .My question is can they off set the money they have already paid me out against the next claim for loss of profit?

Not an expert on this, but logically if you have been paid out the cancelled bookings, then surely this would have been where the profit came from?
Unless you were selling add ons which gave you another income stream for profitability.

 

[Still Farming]

Covid loss I guess your on about?

 

[yellow belly]

The insurance should put you into the same position as you would have been as if you had not needed to claim

as I understand if you are covered by 2 policies you do not get double pay out

it is not like life assurance

imho
so if one policy pays for loss of bookings these should be included in the income from the letting during the year to calculate the loss of profit claim

an insurance claim lawyer would help but may want a percentage of the pay out

 

[Glen Lad]

Thanks for your reply I think you are correct and have put claim in on these terms ,only strange thing
was i have asked insurance company for clarity on this point but never got a straight answer .
Will up date when i get any more info.

 

[Still Farming]

Thanks for your reply I think you are correct and have put claim in on these terms ,only strange thing
was i have asked insurance company for clarity on this point but never got a straight answer .
Will up date when i get any more info.

Think all in their wordings and Court cases on subject but won't happen again allegedly?

 

[Bob the beef]

NFU have paid us on all cancellations until August when we were notified off the change in policy wording. Have not asked for anything other than booking details. Didn’t pay out on business interruption

 

[LadyTwoFourEight]

NFU have paid us on all cancellations until August when we were notified off the change in policy wording. Have not asked for anything other than booking details. Didn’t pay out on business interruption

This last point will be before the courts shortly. I understand the case is issuing in the court in a matter of days.

It is strongly likely they do owe for business interruption following in the denial of access claims.

 

[LadyTwoFourEight]

Important to highlight the admission of misseling by NFU MUTUAL in this thread.

it is done very late ans very discreetly, after all the posturing that they didn't owe

Note that they aren't proactively contacting people (unethically) so you will have to chase from your won end.

Also note they will owe you interst at 8 percent. Proof of that in the next post.

 

[LadyTwoFourEight]

Here is support for the proposition that NFU MUTUAL owes interest for the missold cancellation of advanced bookings insurance.

It will be £15,000 per claim; interst is 8per cent per year. So it's about £5k in interest.