COVID-19 UPDATE 4- SME/Leisure Sector Insured through Accelerant/HDI Global - Richardson Insurance

Please see below the automatic enhancements we are applying all SME/Leisure products Insured through Accelerant/HDI Global during this period to help provide additional peace of mind.

With immediate effect we are amending our definition of unoccupied properties on the above products  so that full cover is in place for 60 days rather than the current 30 day limit provided that the Insured or an authorised representative will:

  1. Carry out a thorough inspection of the Premises on at least a weekly basis and carry out immediately any work necessary to maintain the security of the Premises
  2. Ensure all services are disconnected at the mains except electricity where needed to maintain any fire or intruder alarm systems in operation and all water pipes/tanks and heating systems are drained down.
  3. Remove all refuse and waste materials from the Premises following such inspection
  4. Ensure the Premises are secured against unlawful entry
  5. Maintain a written record of such inspections

Please note:

  • There will be no additional premiums for these enhancements.
  • These enhancements will automatically apply until 31stMay 2020.
  • We will review the position again prior to 1stMay 2020 and will extend for a further period if we deem appropriate
  • These enhancements will be applied via this Email of Intent and will apply as if endorsed onto each policy.

Further to the above our underwriters will be applying a discount of circa 10% on all applicable new business and renewal policies with immediate effect.  Policies with claims and changes will be underwritten on their merits.  This gesture is made in direct response to the majority of businesses being restricted from trading at this time.

In relation to Business Interruption , the following are some highlights as outlined by the insurer with respect to their stance on this  issue(if properties remain closed we expect another update from them in due course):

Policy Coverage

Unfortunately the Business Interruption section of the policy does not cover loss of income for the sweeping closures of establishments, nor does it extend to cover any loss of stock should it pass it’s best before date.

In order for a potential claim to have sufficient merit to be considered under the policy, under the Extensions to Section 2 part 1) (a) the following MUST have occurred for the policy to engage:

“The closure or restrictions placed on the Premises on the advice of or with the approval of the Medical Officer of Health for the Public Authority as a result of a Notifiable Human Disease occurring at the Premises

The key part of this extension is that the Policyholder MUST be able to demonstrate and prove that COVID-19 has occurred at their Premises.

If they are unable to demonstrate that COVID-19 has occurred at their Premises and that as a consequence the premises has been closed by the Authorities then unfortunately the policy will NOT engage and therefore it is not appropriate for you to file a claim under the policy.

Should you require any further information form us, please contact your usual account executive  at Richardson Insurance Solutions or email us at info@ril.ie

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