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Insurance
Dec 8, 2021 18:00:14 GMT
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Post by mftc on Dec 8, 2021 18:00:14 GMT
As both Exeter and Plymouth made profits during the covid period as they had the correct type of insurance, does any know if we have learnt from our £4.5 million loss for the same period (according to the open letter from Wael - and after the money from JCG as well!).
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Post by Topper Gas on Dec 8, 2021 19:41:23 GMT
How would anybody on here know what the club's insurance arrangements are? Although what ins. co. is still going to risk offering COVID cover?
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Insurance
Dec 8, 2021 20:01:52 GMT
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Post by richie on Dec 8, 2021 20:01:52 GMT
Shocked if that’s true, insurance companies would do anything to avoid paying out. The amount of normal businesses that would also have that insurance would surely put insurers out of business or push everyone’s premiums up
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Post by scottleroc on Dec 9, 2021 2:02:47 GMT
No insurer will give COVID going forwards, all polices have communicable diseases or pandemic exclusions. Very few policies had any cover for when the pandemic hit, some unintentionally provided cover and still some court cases going through. There is a slim possibility we had some cover but very unlikely.
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Insurance
Dec 9, 2021 10:21:53 GMT
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Post by daniel300380 on Dec 9, 2021 10:21:53 GMT
Shocked if that’s true, insurance companies would do anything to avoid paying out. The amount of normal businesses that would also have that insurance would surely put insurers out of business or push everyone’s premiums up www.bbc.co.uk/sport/football/59038544
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Post by gashead1981 on Dec 9, 2021 17:04:08 GMT
Within a business insurance policy there is something called interuption insurance. This is usally paid out as a percentage of your gross profit if something happens to your business where you cannot trade, extentsive fire for example.
Some insurance policies had wording which did not exclude a claim where Covid impacted their business. This was challenged in a court of law and found to be in favour of its policy holders and therefore, they had to pay out substantial sums. However not all insurance companies were binding if they had phrases that meant a pandemic wasnt covered. Plymouth and Exeter got lucky.
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Post by scottleroc on Dec 10, 2021 1:02:38 GMT
Within a business insurance policy there is something called interuption insurance. This is usally paid out as a percentage of your gross profit if something happens to your business where you cannot trade, extentsive fire for example. Some insurance policies had wording which did not exclude a claim where Covid impacted their business. This was challenged in a court of law and found to be in favour of its policy holders and therefore, they had to pay out substantial sums. However not all insurance companies were binding if they had phrases that meant a pandemic wasnt covered. Plymouth and Exeter got lucky. Most sporting operations cover revenue under their business interruption covers. Where some policies had cover is where they had an infectious diseases extension or non damage denial of access extension. Then it still came down to whether the specific terms, conditions and exclusions afforded cover. There was a test case that went all the way to the Supreme Court undertaken by the FCA, based on several specific wordings to test principles of cover. One of those insurers is now challenging the principle that each lockdown was a new event, shortening the cover period. I work in this area and it was very hit or miss with sporting venues. Some had cover and some didn’t. As you say some clubs we’re lucky!
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