Covid-19: Risks for Insurance BrokersJune 2020
There has been a lot of commentary in the past 8 weeks or so about the risks the Covid-19 pandemic poses to various professions, perhaps none so clearly as the Insurance Broking industry. Business Interruption (“BI”) Insurance Policies in particular are being pored over closely, not least in light of the FCA’s ongoing action to seek judicial declarations (to resolve contractual uncertainties arising out of select BI Policies) and the current Hiscox Action Group (challenging Insurers’ pandemic exclusions in its commercial BI policies). It is almost inevitable that we will see an increase in claims against Insurance Brokers as a result. But, that is not where the story ends for Insurance Brokers.
In this article, Joe Bryant and Fiona Murphy look at the potential risks arising out of Covid-19 for Insurance Brokers moving forward.
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