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NFU Mutual in trouble ?
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<blockquote data-quote="LadyTwoFourEight" data-source="post: 7957669" data-attributes="member: 166485"><p>Speaking here as someone woth some knowledge of this action... The NFU Mutual sold various business interruption policies. One of them covered for closure of businesses due to an order by a public office holder. </p><p></p><p>The NFU MUTUAL said that the pandemic wasn't an incident so they didn't have to pay. They got a little support for thks analysis from the FCA test case, in the High Court, but the reasoning used by that lower court to get there was rejected in the UK Supreme Court. </p><p></p><p>The extent of cover was £50,000 per policy. They sold, I understand, 9,000 policies of this type. </p><p></p><p><strong>*This means the mutual may owe nearly half a billion pounds because of this*. </strong></p><p></p><p>Did the directors mention this in the 2020 or 2021 accounts? No!!! This is a staggering thing to not be open about. </p><p></p><p>This, put with losses of £290m in one year and £141m is a slightly shocking comment on the commercial competence of the senior management. Who paid themselves, in one case £6M total remuneration recently. </p><p></p><p>Not altogether a happy situation!</p></blockquote><p></p>
[QUOTE="LadyTwoFourEight, post: 7957669, member: 166485"] Speaking here as someone woth some knowledge of this action... The NFU Mutual sold various business interruption policies. One of them covered for closure of businesses due to an order by a public office holder. The NFU MUTUAL said that the pandemic wasn't an incident so they didn't have to pay. They got a little support for thks analysis from the FCA test case, in the High Court, but the reasoning used by that lower court to get there was rejected in the UK Supreme Court. The extent of cover was £50,000 per policy. They sold, I understand, 9,000 policies of this type. [B]*This means the mutual may owe nearly half a billion pounds because of this*. [/B] Did the directors mention this in the 2020 or 2021 accounts? No!!! This is a staggering thing to not be open about. This, put with losses of £290m in one year and £141m is a slightly shocking comment on the commercial competence of the senior management. Who paid themselves, in one case £6M total remuneration recently. Not altogether a happy situation! [/QUOTE]
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NFU Mutual in trouble ?
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