London Market sectors swerve direct Covid claims due to lack of non-damage BI extensions

oil platform

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.

Read more…

(If you’re already a subscriber, please sign in here.)

Get access with a 7-day free trial

This article is usually available exclusively to subscribers.

Subscribe for full access - Take out a print and online or online only subscription

For a limited period, you can enjoy all the benefits of an online subscription free for 7 days. Sign up now to read this article in full and to enjoy unlimited access to premium online content, a digital edition of the latest issue, plus an online archive of back issues.

Also, as a registered user, you will be able to -

  • Access unlimited breaking industry news as it happens
  • Sign up to a choice of daily and weekly newsletters

Register to view free premium content