We understand the financial impact that Covid-19 is having on individuals and businesses across the country. A question you may be asking is:
‘As a result of Covid-19 what happens if I can’t afford to pay for my policy?’
Most of our Commercial and Retail Insurance policies are arranged via insurance brokers/MGAs, so in the first instance please contact your broker/MGA to discuss your needs and what assistance may be available.
If you have a direct debit under a Regulated Credit Agreement with New India Assurance and need our assistance please contact us on 01473 233626 between 9 am to 5pm Monday to Friday (excluding Bank Holidays).
FCA Test case:
Due to the widespread impact of the COVID-19 pandemic and the extent of repudiated insurance claims for business interruption, the Financial Conduct Authority (FCA) has decided to intercede in this matter. They are seeking to obtain legal Judgment on how a number of insurance products should respond to the COVID-19 outbreak and the subsequent Government Coronavirus Regulations. These are referred to as the “test case”.
Whilst the policy wording issued by ourselves is not one for consideration by the test case, once Judgment and any subsequent appeal process is complete in the test case, it is expected the outcome will provide significant guidance for the need to review claims made under similar circumstances and similar policy wordings.
The FCA’s intended timetable for the test case review should see an initial decision (subject to possible appeal) in mid to late July 2020. Thereafter, should there be a need to review the decision on claims of our Policyholders, we will contact our Policyholders individually.
In the meantime, you can keep up-to-date with the developments of the FCA’s test case review via their website www.fca.org.uk. We will also be updating this website with any significant developments in the test case.
For further information please refer to the following links: