Business Interruption Insurance Policies – Update


It’s likely that you’ve seen the news that tens of thousands of small businesses may be eligible to receive insurance payouts covering losses from the first national lockdown, as part of their Business Interruption Insurance cover.

The Cover Notes Scheme offered to MIA members is primarily conducted via Hiscox, Zurich, Liverpool Victoria and Allianz. This means that if you have business insurance provided by Cover Notes, you may be eligible to make a business interruption claim.

We have been in contact with our partners S. Johnson & Co (brokers for Cover Notes) for further clarification. Here is what they know so far:

On the 15th January 2021, the judgment in the Supreme Court on the FCA’s business interruption test case substantially allowed the FCA’s appeals and dismissed the insurers appeals; this is likely to affect our clients who hold policies with Hiscox primarily.

Please be aware that only a few UK insurers have been affected by this judgement and at this stage we have heard from Hiscox with other insurers still considering their positions.

The following applies to Hiscox policyholders only –

If you have not already registered a claim:

Please ensure you have your policy number to hand.

If you have already registered a claim:

Hiscox will be in touch with you. Please note that you will need to register a claim for each period where your business has been interrupted.

We have been working with Hiscox in anticipation of this and Hiscox as noted above will be in touch with you if you have already registered a claim with them. Please be aware that if you wish to make more than one claim for each lockdown period, you may be required to input relevant data for each event.

Please note that we are of course happy to help but with the number of clients affected, we do feel that your quickest way forward for you to input the information directly in the portal rather than submitting via ourselves. As well as this, Hiscox are likely to have further questions specific to your business and our being involved in the chain (rather you answering such queries directly) could cause delays.  Of course, having said this if you have looked at the portal and have queries please call us – we are attempting to have as many staff on the phones as possible.

If you hold a policy with an insurer other than Hiscox

For those clients holding policies with insurers other than Hiscox, you may wish to approach your insurer to discuss your position since all policies will be considered on their individual merits.

Insurer Links:

Allianz – 0344 412 9988 /

Allianz Musical – 0844 391 4051 /

AVIVA – 0345 300 5941/

AXA – 0345 600 2716 /

RSA (Royal Sun Alliance) – 0345 300 4006 /

Zurich – 0800 302 9055 /

We appreciate this has already taken a long time and that it may be frustrating but please do bear with us and insurers through this next stage.

Here are the details if you would like to contact the Cover Notes team to discuss your policy:

t: 0121-327-1977