Class-by-class insurers will have to evaluate the risks underwritten, calculate liabilities and exposures. Often this will be against a legacy of policy wordings that were understandably not designed to insure a global pandemic on this scale, or which has such a profound impact on the way we live our lives and conduct business.
No-one could have foreseen a world where most countries have closed their borders, almost all international travel has ceased, people in free countries are being asked to produce official papers just to leave their homes, educational institutions have been shut indefinitely and hundreds of millions of people are working from home. The list of profound changes to our lives is enormous and no country, no business, no family can honestly say they were prepared for it. It started with travel insurance, quickly moved onto event cancellation cover and in parallel alighted on business interruption.
The COVID-19 virus has reminded us forcefully of how we now live in an inter-connected world. Every country is suffering and all are developing their own strategies to combat the virus’s spread and impact. For globally connected businesses and their insurers this adds an enormous layer of complexity to their response to the crisis. Drawing on broad UK and international expertise will be vital.
COVID-19 knows no boundaries, least of all those traditionally adopted by the insurance industry. Every class will be impacted and many of the issues will be similar. It will, however, be important to deploy expertise that can understand the granular issues in the context of the big picture.
We are working round-the-clock to understand how this pandemic impacts you and your policyholders. We will stand by you as we work together to develop the right responses, giving you confidence that you are doing the right things in the right way. Our long-standing emphasis on building deep and genuine partnerships with clients means we are there to help in any way you need us.
- Business Interruption (including supply chain)
- Event Cancellation
- Financial Lines
- Healthcare and Med Mal
- Excess Liability, Product Liability and Life Sciences
- Employers Liability, Occupational Health, and Health & Safety
- Directors and Officers
- Policy Wordings and Drafting
- GDPR, Data Protection and Privacy
- Cyber Security and Cyber Liability
- Professional Indemnity
- Political Risk and Trade Credit
- Specie and Fine Art
- General Litigation Queries
- Civil Disturbance / Rioting
- Employment/HR Issues