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o/t Insurers duck and dive!
Discussion started by harlequinade , 28 March, 2020 21:05
o/t Insurers duck and dive!
harlequinade 28 March, 2020 21:05
coventry rugby

Hope they succeed!

Quote:
The club fear their dire circumstances are commonplace outside the rugby union elite and that some clubs will go to the wall without help and a change in insurers’ policies.
“We would struggle to survive without him [Sharp

,” said Coventry’s managing director, Nick Johnston. “We pay £30,000 a year for insurance and were covered by notifiable diseases under the business disruption clause.

“We were turned down because no one employed by us has tested positive for the virus and the excuse another Championship club was given was that Covid-19 was not listed among the diseases covered. It is new, so how could it be?]



Life is short,
and art long,
opportunity fleeting,
experimentations perilous,
and judgment difficult.

Re: o/t Insurers duck and dive!
Willbur 28 March, 2020 21:08
Insurers always look for the slightest reason not to cough up....if you'll pardon the pun.

Waste of money half the time but a legal necessity in many instances.

Re: o/t Insurers duck and dive!
Stopsy 28 March, 2020 21:38
Hmmm and when the bankers screwed the economy tanked and everyone else bailed them out. How about making the banks zero profit for a while? Thought not

Re: o/t Insurers duck and dive!
Kimbo 28 March, 2020 23:19
Jon Sharp's (Cov Chairman) full interview on Sky Sports News: [www.facebook.com]

Re: o/t Insurers duck and dive!
RushdenTiger (KT at work) 29 March, 2020 10:05
An insurer broker told me that it was very unlikely anyone could claim for business interruption re COVID-19. I was trying to.

If insurers allowed cover like this it would be open ended and immeasurable and therefore not permissible under their rules.

Any cover is likely to be around named diseases and if those diseases happened at the insured's premises etc. which when an outbreak occurred interrupted the business's operations.

I'm afraid a lot of misinformation going around about the Government enforcing closure (of pubs etc) rather than directing the public not to go and the insurance claim effects. Made no difference as far as I'm aware.

Not good news but I think understandable. People need to read what their policy states and not what they think it should state.

Re: o/t Insurers duck and dive!
Tom Paine 29 March, 2020 10:38
Insurance companies exist to maximise profits for their shareholders and remuneration for their senior executives.

Re: o/t Insurers duck and dive!
RushdenTiger (KT at work) 29 March, 2020 11:32
As do all private limited and PLC companies?

And before you all go off on one remember who those shareholders are.

Significant shareholders for example are pension funds trying to maximise the funds for Joe Public pension holders (many of whom work in the NHS).

We can all spout clichés but life and reality is a bit more nuanced I'm afraid.

Re: o/t Insurers duck and dive!
SimonG19 29 March, 2020 11:35
A bit like most major companies Tom!

Re: o/t Insurers duck and dive!
IDLETIMES 29 March, 2020 11:36
My friend works for Royal London, he confirms what Rushden says. I doubt if anyone could have predicted the extent of this. Of course, in the name of good PR, some insurers may pay out but I wouldn't hold your breath.



Edited 1 time(s). Last edit at 29/03/2020 12:17 by IDLETIMES.

Re: o/t Insurers duck and dive!
Brownian Motion 29 March, 2020 11:59
I don't care who the shareholders are - share values and dividends go down as well as up, that's literally how the market is supposed to work.

Re: o/t Insurers duck and dive!
Brownian Motion 30 March, 2020 11:33
Sort of related, a list of UK companies and how they are treating their staff in the current climate - [www.lewiscotter.com]

Re: o/t Insurers duck and dive!
Tom Paine 30 March, 2020 13:20
You are right, of course, Simon and Rushton. It's just that so many people are outraged when insurance companies refuse to pay out. My uncle was a claims investigator for a big insurance company. Being aware of mathematical probabilities, he only ever took out car insurance, regarding everything else that insurance companies push at us - even house insurance - as a con.
As regards the rest, I would advise anyone who believes in the 'free market' to read the Cambridge Professor of Economics Ha-Joon Chang's jolly little book. '23 things they don't tell you about capitalism.'

Re: o/t Insurers duck and dive!
Brownian Motion 30 March, 2020 13:27
I don't believe in the free market, it's clearly a massive con. But if we're going to live by the sword, then we should also die by it, too.

Re: o/t Insurers duck and dive!
Rich W 30 March, 2020 13:33
Except where it's convenient for the likes of Tim Martin to expect the state to help out his business.



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Re: o/t Insurers duck and dive!
Brownian Motion 30 March, 2020 13:47
All whilst he's refusing to pay both staff and suppliers.

Re: o/t Insurers duck and dive!
IDLETIMES 30 March, 2020 15:00
I have had many endowments over the years, still got 2 to go, My parents took the first one out when I was born, always been worthwhile investments

Re: o/t Insurers duck and dive!
Rich W 30 March, 2020 16:09
Quote:
Brownian Motion
All whilst he's refusing to pay both staff and suppliers.

Exactly. And now you begin to understand the drivers for his Brexit 'principles'.



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Re: o/t Insurers duck and dive!
Fat Boy 30 March, 2020 16:18
I understand he's had a change of heart and decided to pay staff after all... will wait to see whether or not it really happens. Either way, he won't be getting any business from me.

I'm not impressed with Easyjet either - paying out £174m in dividends, while simultaneously asking for a government bailout. I'd call it a joke, but people really think they can do this, and given who is in government may actually get away with it.



Edited 1 time(s). Last edit at 30/03/2020 16:19 by Fat Boy.

Re: o/t Insurers duck and dive!
Brownian Motion 30 March, 2020 16:25
Easyjet also cancelled a flight out of Egypt, I believe it was, then re-sold the seats on the same aircraft at the same time for a higher value.

Re: o/t Insurers duck and dive!
Yorkie 30 March, 2020 17:36
Quote:
Fat Boy
I'm not impressed with Easyjet either - paying out £174m in dividends, while simultaneously asking for a government bailout. I'd call it a joke, but people really think they can do this, and given who is in government may actually get away with it.

I thought Easyjet was the one UK airline to say it wasn't going to ask for state assistance? Unlike Branson.

And it maybe that the dividend was announced before this thing hit? If it was, think they then have to pay out?



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