Members have asked HAE EHA for guidance and advice on how the outbreak will impact their business from an insurance perspective.
On Wednesday (4th March 2020) government said it would declare coronavirus as a "notifiable disease", a classification required by many insurance policies. But the Association of British Insurers says most business insurance policies are still "unlikely" to cover losses as many policies will only cover firms if the virus is found on-site. This is now a good time to check and review your insurance cover and assess any potential losses over the coming months.
Going forward, businesses that do not have sufficient insurance cover should consider whether they are able to purchase specific (or more comprehensive) insurance for infectious diseases, business interruption and event cancellation.
We will continue to monitor the situation and provide regular updates. If you have any questions or concerns, please contact your insurance company for further clarification.
HAE EHA Insurance Services will be releasing specific guidance information tomorrow for HAE EHA Members.