One insurer is known to still be rejecting Covid business interruption claims to coffee shops despite policy wording that is nearly identical to FBD s, the Irish Independent has learned.
iSure Underwriting, a Cavan-based firm backed by German insurer HDI Global SE that sells commercial insurance to the hospitality industry, has been refusing to pay out on pandemic claims by cafes.
According to correspondence seen by the
Irish Independent, iSure is rejecting the claims on the basis that cafes were designated as essential retail establishments at the beginning of the first lockdown in March 2020 because they could provide takeaway food and beverages.
According to correspondence seen by the
Irish Independent, at least one insurer is now claiming that certain seated food businesses could have remained open during the first lockdown, as they were “deemed essential”.
Only food wholesalers and takeaways were permitted to remain op en in the first lockdown. Some seated businesses eventually were able to partially re-open with takeaway services.
Two other insurers have delayed processing claims for weeks, saying they need time to review the cases before reverting with their decisions.
Claims managers handling the cases are rejecting the arguments, citing guidance from the Central Bank of Ireland (CBI) that insurers should interpret the language in policies in terms “most favourable” to the customer.
The company also said it was committed to quickly paying claims to public house insurance policyholders and will issue interim payments in the short-term while awaiting final clarity on the quantum of losses.
However, insurance industry sources indicated the company could have limited its exposure by negotiating settlements with customers early in the pandemic instead of fighting them in court.
FBD shares were up 3.67pc shortly after the company issued its statement.
The Commercial Court has listed a hearing for February 17 to determine how much should be covered by FBD s policies based on how long pubs were closed and what periods the contracts cover.
Hiscox and several other insurers have been contacting commercial customers saying they are now prepared to deal with coronavirus business interruption claims tha t until now have been denied.
The companies have told their customers, whose businesses have been forced to close due to the pandemic, that the claims are being reviewed in light of a January 15 ruling by the UK Supreme Court.
The judgement in that case, which was brought by the Financial Conduct Authority, found that thousands of businesses should be insured for billions in losses incurred due to Covid-19 lockdowns.
The insurers appear to be moving in advance of a judgement due Friday from the Commercial Court in a similar test case involving FBD Insurance, but with implications for the whole sector.
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