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Trade Credit Insurance - what the environment look like as we emerge from the Second Lockdown.
Update on Underwritten losses, due to COVID-19 triggered Events
Pandemic RE is a very specific Insurance product that we hope many Businesses will purchase once it’s ready and available, given the fact that, many hadn’t bought its predecessor which had provisions for triggered events that occurred in Phase 1 of this crisis.
And, there lies the frustration in dealing with losses that arise from COVID-19. Business need to speak to their Broker/Insurers to really understand the cover that they’ve got, as well as, look at the right moves that they [in the interim] can adopt for dealing with the resurgence of this virus, as the Industry and Government works on developing and announcing products that will form part of Pandemic RE.
Forensic Analysis of Insurance Claims
- What does the environment look like during or after the first Lockdown? And, what can, or is being done, as we head potentially into a patchwork of second Lockdown in Phase 2 of this crisis?
- How should Businesses (with the help of legal advice) read their agreement in order to understand the policy cover, with respect to the COVID-19 induced disruption that are neither, immediately nor naturally, fall within the traditional parameters of BI insurance, but may be stipulated on various and specific policy extensions or may be limited by specific exclusions?
- What cash flow consideration can be deployed immediately to help Policyholders, irrespective of the fact that, they may be contemplating actions to submit a Claim for BI on their policy?
- Also, how should Policyholders prepare and particularise their COVID-19 Events Claim files?
The Contest Between COVID-19 and The Economic Recover
- assess and re-baseline Elements for delivering Projects i.e. Budget Costs | Project Duration | Risk Register | Scope of Works,
- renegotiate and avoid or resolve contractual matters concerning the abovementioned elements, given the fact that, Parties to executed contracts can no longer meet their respective initial expectations or obligations,
- deploy a lot of ingenuity to exit from our pandemic-induced economic slump.
From the foregoing, the above-mentioned article may now be viewed and downloaded from the following web site on LinkedIn.
Elizabeth Line in Central London, has It's Date of Completion slip until 2022, and Budget increased by an additional £1.1bn
- assess and re-baseline Elements for delivering Projects i.e. Budget Costs | Project Duration | Risk Schedule | Scope of Works;
- renegotiate, avoid or resolve contractual matters concerning the abovementioned elements, given the fact that, Parties to executed contracts on the project can no longer meet their respective initial expectations or obligations.
State of the Insurance Industry
- Event Cancellations - from high profile events such as the Olympics to more local events,
- Property Coverage - where Bussiness have bought a form of property and business interruption cover in response to the pandemic,
- Credit - losses will arise from credit crush
For further information on the discussion between Mr Kent and Mr Lawrence, as mentioned above, please visit the link to the video stated below;