For niche industry sectors such as energy and marine, the Covid-19 pandemic has exacerbated existing claims and informed future market fluctuations rather than had a direct impact on claim notifications. Insurance Times takes a closer look
Niche London Market sectors have managed to avoid being tarred with the same business interruption (BI) wordings brush as commercial property insurers because policies within the energy or marine markets, for example, do not feature non-damage BI extensions.
Although both the energy and the marine sectors provide BI cover, this is strictly triggered by physical damage – this means that insurers within these fields have seen very few claims notifications directly linked to the ongoing Covid-19 pandemic and the associated lockdown, where the government required non-essential businesses to close in order to mitigate the spread of coronavirus.
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