Passing days in the coronavirus pandemic brings new challenges on time-sensitive insurance features, including unoccupied property cover – a standard component of any commercial insurance policy.
While this would normally be around 30 days, the prospect of businesses having to close their doors temporarily in line with Government guidance for much longer can subsequently invalidate their insurance.
The insurance industry has responded to this emerging problem, with many providers extending their unoccupied property limit from 30, to 60 days, and in some cases, even 90.
The inherent risks that come with an unoccupied property or reduced number of staff working at the premises are still there and need to remain a consideration for insurers. In our latest information pack, we focus on how business owners can mitigate these risks, which are unique from one industry to another.
We look at specific considerations for retail and hospitality premises, such as whether food or combustibles have been removed, and provide a checklist for different construction areas, including excavation, scaffolding, plant security, site offices and builds.
Other risk management strategies include the restriction of certain work activities such as confined space entry and hot works in the absence of Emergency Responders.
The pack also includes the ABI’s stance on how insurers should respond to the issue as many businesses near the 30-day mark of closure and FAQs specifically around how staff and equipment can continue to be covered at home on a commercial business policy.
This free download allows you to continue to support your clients with important information on circumstances they’re facing right now.
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