Loss of income insurance

[CentreLine]

Looks like the insurance companies have had their objections kicked out for paying out to companies for inability to trade claims. I hope we had a legitimate claim in for this. It would be a game changer for sure.

Where’s Cropley Was God when we need an explanation? 🤔

[Billy Whizz]

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Looks like the insurance companies have had their objections kicked out for paying out to companies for inability to trade claims. I hope we had a legitimate claim in for this. It would be a game changer for sure.

Where’s Cropley Was God when we need an explanation? 🤔

I’m sure I read a bit back that Dundee had insurance, and were due a payout
Sure someone else said Hibs had insurance too

[malcolm]

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Looks like the insurance companies have had their objections kicked out for paying out to companies for inability to trade claims. I hope we had a legitimate claim in for this. It would be a game changer for sure.

Where’s Cropley Was God when we need an explanation? 🤔

You’d need to know the policy wording that was in place and what the judgement said about any particular wording. It will not be an across the board impact as it will relate to what the judgement said about the wording it considered in the test cases brought. That said I’d expect some degree of similarity across policy wordings (albeit there will be lots of insurance companies with different policy wordings) so it ought to benefit many businesses including hopefully Hibs (sure I read we had it though no idea about how much cover might have been in place). This win is likely to be only relevant for a short period as I’d expect insurers to have reworded cover or increased premiums offered for renewals and many businesses may not have got further business interruption cover in place when existing presumably annual policies ended.

[CentreLine]

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You’d need to know the policy wording that was in place and what the judgement said about any particular wording. It will not be an across the board impact as it will relate to what the judgement said about the wording it considered in the test cases brought. That said I’d expect some degree of similarity across policy wordings (albeit there will be lots of insurance companies with different policy wordings) so it ought to benefit many businesses including hopefully Hibs (sure I read we had it though no idea about how much cover might have been in place). This win is likely to be only relevant for a short period as I’d expect insurers to have reworded cover or increased premiums offered for renewals and many businesses may not have got further business interruption cover in place when existing presumably annual policies ended.

It sounded very positive on the news at one. They said “thousands of companies will benefit from this ruling”. Fingers crossed.

Also wondering what impact this may have on government payments, past and present, to these same companies.

[nonshinyfinish]

I wonder if insurance companies can insure themselves against failure to wriggle out of paying for something?

[ancient hibee]

I’d be surprised if a policy didn’t have a maximum figure for a loss of business pay out.

[Weststandwanab]

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I wonder if insurance companies can insure themselves against failure to wriggle out of paying for something?

They can it is called re-insurance.

[malcolm]

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I wonder if insurance companies can insure themselves against failure to wriggle out of paying for something?

Not quite but it is common to reinsure large tranches of risk with another insurer that may specialise in reinsurance. Not sure if this is common in the likes of short term risks like business interruption but some risk is likely to be underwritten by other companies. But there are always policy terms around the paying out but you’d expect the definition and description of that risk to mirror that of the policies of the first insurers’ policies.

What Hibs or any business would get back would depend on how any policy wording has been adjudged in court to cover the pandemic and how other terms may limit cover in respect of period or sum. Some policies will be better than others.

[Northernhibee]

Considering how insurance companies look for ways to wriggle out of anything they border on a scam for so many types of policies. Any news story of the insurance companies getting told to pay out is a good thing. Almost as bad as the bookies.

[Stevie Reid]

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Considering how insurance companies look for ways to wriggle out of anything they border on a scam for so many types of policies. Any news story of the insurance companies getting told to pay out is a good thing. Almost as bad as the bookies.

To the point that the main feature of many insurance companies advertising for the last few years has been basically "we won't screw you over like the other guys/like we used to" - winds me right up.

[Speedy]

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I’d be surprised if a policy didn’t have a maximum figure for a loss of business pay out.

It will do but many of the more well known 'retail' brands will re-insurance so they are not liable for anywhere near the whole payout.

[Billy Whizz]

There was a thread on insurance last year
Basically saying the Americans insured everything
Here’s hoping Ron did likewise for Hibs

[Hibeewilly]

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I’d be surprised if a policy didn’t have a maximum figure for a loss of business pay out.

The amount you insure for (sum insured) to cover business interruption or consequential loss as I used to know it is the gross profit of the business so that would be the limit of any claim. Gross profit (as posters like CWG will tell you) is sales minus purchases or total revenue less cost of sales. Most policies if not all are subject to "average" so if you have insured for an amount that is less than your loss your claim settlement is reduced proportionately. I would imagine that due to Rods attention to detail on matters like this that Hibs will have good Brokers and be properly insured. Hopefully there will be a good outcome for the Club here.

[Toldo123]

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I wonder if insurance companies can insure themselves against failure to wriggle out of paying for something?

Yeah it is called underwriting

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[Stantons Angel]

The earlier posters are right in sighting Business Insurance cover may help with the claims of businesses if they have it included in their policies.

It usually follows the fire and perils risk of the policy cover requested at the inception of the policy.

The policy wording, terms and conditions are the important part and a lot of people dont pay attention to this and think they are covered for everything.

There are various types of policy covers available and the package type policy will include loss of earnings under the Business Interuption if the shop is closed by want of any of the applying perils. But what would a"world pandemic" be classed as though?
its not terrorisim or an act of God.

It only covers a percentage of the sums insured so you wont get the full amount on payout and it will be less any excess attached to the policy.

Id advise everyone thinking of claiming under a business insurance to check the terms and conditons of the policy cover, just incase and if you have a copy of the original proposal form have a look and see what you asked for at inception.

I hope this helps a wee bit and i wish you all the best of luck in getting paid out.