Insurers deny business insurance claims as battle begins

obtained a series of small business insurance policies from a range of leading insurers and brokers, including Hollard, QBE, CGU, Aon Australia and Steadfast, which include clauses in some policies that could save thousands of businesses from collapsing if their insurers paid them out.

The strong argument from the insurers is that the exclusion does not apply and policyholders are therefore ineligible. Mark Waller, a partner at law firm Clayton Utz, said he had been advising a number of clients on business interruption policies that contained exclusions for "quarantinable diseases under the Quarantine Act 1908 and subsequent amendments". He said the Parliamentary Act was repealed in 2016 and COVID-19 was not a "quarantinable" disease under that Act, therefore the claims should be covered.

In Britain the regulator, the Financial Conduct Authority , understood there was an issue and instead of leaving it to individuals to battle it out in the courts it decided to intervene by going to court to seek clarification on whether insurers’ policies allowed them to refuse business claims related to the pandemic.

mackaysuzie adele_ferguson Public liability prices have gone through the roof.

adele_ferguson Not surprising. Insurance contracts are all about the devil in the detail.

adele_ferguson It’s a breath of fresh air to read your reporting in an era of click bait journalism designed to instil fear and outrage in the masses. Keep up the outstanding work Adele!

adele_ferguson Insurance policies are contracts. If the contracts do not provide the cover, they do not provide the cover. If they were to cover every possible risk, premiums would be astronomical. People want the world but don’t want to pay for it

adele_ferguson Must protect the global capitalists, and their shareholders.....

adele_ferguson This is what the state government needs to fund, not more money for housing projects.

adele_ferguson Nothing new there. Business insurance is a scam. The federal government does nothing about it. Regulators are useless.

adele_ferguson ...can they sue the government for destroying their business?

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inquiry launched into closure of catering business that claimed slug was plantedThe closure of Melbourne catering business I Cook Foods, which claimed authorities planted a slug in its kitchen, will be examined by a Victorian parliamentary committee. Slugs are edible! Closed because of a single slug Seems a bit extreme. Surely the slug would be deemed as potential protein, it is after all a homeless snail. Closed because of a single slug Seems a bit extreme. Surely the slug would be deemed as potential protein, it is after all a homeless snail - escargot.
Source: abcnews - 🏆 5. / 83 Read more »