INSURERS WARNED OVER LOOPHOLES
INSURERS have been urged to stop looking for loopholes to dodge payouts to businesses hit by the coronavirus lockdown.
Scottish MPs piled pressure on the sector after hearing “daily” concerns from companies and policy holders. Examples include insurers saying Covid-19 has to have been found on a business premise.
The SNP’s Alison Thewliss said insurers have a “moral duty” to provide reasonable support. She said: “It is shocking that some insurers have quickly tightened up the wording of their terms and conditions to exclude Covid-19 from policies starting this month – another important issue that the UK Government must address in any guidance it sets out.”
Huw Evans, director general of the Association of British Insurers, said his members will need government support to meet the demands of a pandemic.