A Note on Insurance

Insurance Support

We wanted to give you some clarity on insurance as this is something we are getting asked about a lot and clearly has big implications for all owners. Unfortunately, we’re afraid to say that it’s still not a very clear picture and if you haven’t done so already, you should seek advice direct from your agent or provider. The situation is fluid, as this is so unprecedented. What is clear is that insurance policies are not designed to deal with a global pandemic and even if you do have cover, it’s unlikely that this will cover your annual lost income.

As you are aware, insurance policies are underwritten by larger organisations (Aviva etc) and so policy decisions are being elevated and the larger insurance companies are being very cautious about their approach. There seems to be a case by case approach to decisions and it will all come down to how the phrasing within individual clauses and policies is interpreted. This may vary by policy, and indeed insurance provider. Until cases are pushed right through the system, we just do not know, but we will endeavour to keep you updated if any are successful.
Many Canopy & Stars owners are with Naturesave or NFU and our current understanding of their approaches to Coronavirus are:

 

NatureSave

For some policies it’s 100% clear that there is no cover, but for others there’s a chance that there maybe some cover. On looking at Naturesave’s Coronavirus support page here, it is possible that some owners (depending on policy you have and what options you chose) will have some ‘business interruption’ cover for Coronavirus. It’s very early days and things are simply not clear, but Naturesave themselves are trying to push claims through where possible, it will all come to how the underlying insurance companies interpret the policy coverage. As of yet no official Naturesave claim has been fully processed so they still do not have a precedence for how this is going to be treated.

If you have a policy, please contact them and they will happily talk through. If applicable, you will then be sent further information and a form to begin the claim process.

 

NFU

On looking at NFU FAQs there isn’t business interruption cover for Coronavirus. However, we do have one owner who has had some positive reassurance from NFU that there is cover for Coronavirus for cancellation of advance bookings, if you have this policy extension. This is a further form of cover, separate from, but additional to, business interruption cover. So, you should check with your insurer if you have this. This has also not been processed yet as an official claim and so this too should not be considered as an area where you will definitely have cover, even if you do have this type of extension in your policy. It’s likely there will also be limits to this in terms of total amount of revenue lost that’s covered.

NFU FAQs on Coronavirus can be found here

We were told by one provider that insurers will want to see that owners taken advantage of all available government business support, in context of any potential payout. The provider also advised that all owners should record what they’re doing and ideally check with their insurer before doing it, if they’re doing something in hope it will be insured. The general rule we were given was if you’re going to do something because it’s the right thing to do, do it anyway. But if you’re doing it because you think the action might be covered by insurance, check.
If you have any questions about your policy, whether with NFU, NatureSave or other please contact them direct. We are not experts in insurance and this information here is just what we’ve gathered and so does not constitute and nor should be taken as definitive or expert advice. Unfortunately, at this stage things are still incredibly fluid and until some real examples are pushed right through the system, no one know exactly how this will be treated. You may also find it helpful to look at The Association of British Insurers Coronavirus Information hub.

If any owners have any useful information on how their policy has been treated, then please tell us by emailing owners@canopyandstars.co.uk, so that we can share.
As and when things become any clearer, we will update this page.

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