Am I insured whilst my business premises are closed due to Government action?
You will need to refer to the insurance policy (and schedule) we have sent you.
These documents will provide you with details of the policy cover, terms & conditions and any restrictions in cover or any special warranties/clauses you will need to comply with when your premises are Unoccupied/Vacant (or Closed long term).
It is important that you comply with these as failure to do so may restrict or invalidate your cover in the event of a claim.
A number of insurers have agreed to provide full cover (as per the terms of your policy) whilst your business is closed due to Government enforcement and also extended the number of “unoccupied” closure days permitted before a restriction in cover will apply.
Please refer to the following links. You are recommended to check these links from time to time as changes may be made.
Ageas:
https://www.ageasbroker.co.uk/news-views/important-information-coronavirus-covid-19/
Allianz:
https://www.allianz.co.uk/coronavirus/broker-update.html#unoccupied
Aviva:
https://broker.aviva.co.uk/news/article/949/temporarily-unoccupied-buildings-and-covid-19/
Axa:
https://www.axaconnect.co.uk/coronavirus-hub/
Covea:
https://www.coveainsurance.co.uk/coronavirus-covid-19-commercial-broker-update/
QBE:
https://qbeeurope.com/media/8707/qbe-unoccupied-buildings-approach-260320.pdf
Zurich:
https://insider.zurich.co.uk/trending/temporarily-closing-premises-coronavirus/
What precautions & actions do I need to take whilst my premises are closed as a result of the Covid-19 pandemic?
Take note of any restrictions in cover on your policy for Unoccupied & Vacant properties. In particular there may be restrictions or no cover in relation to theft, malicious damage, storm & flood etc when your property is Unoccupied/Vacant (or Closed long term).
Take note of the policy Definition of Unoccupied/Vacant
Take note of the length of Unoccupied/Vacant period (this may have been extended by your insurer – see links above)
Ensure that you comply with any “Reasonable Precautions” shown in the policy
Ensure that you comply with any Security Warranties (alarms and physical security such as approved locks, grills, bars, shutters) which may apply on your policy
Ensure that you comply with any Removal of Waste warranty
Ensure that you leave any money tills open and unlocked (as damage to tills may be excluded if you do not comply)
Do not leave cash on the premises
You are recommended to make a note of your policy number and the insurers claims help line telephone number so that you have these readily available in the event of having to report a claim. You are recommended to store these on your mobile phone.
How do I cancel my motor insurance policy?
Should you wish to cancel your motor insurance policy, we will only take your instruction by email.
Please send your cancellation instruction to admin@penkinsurance.com
Please provide the following information:
Your full name, address & post code
The registration number of the vehicle(s) you wish to cancel cover on
The date and time you wish to cancel cover (we cannot back date cancellation)
The reason for the cancellation (sold vehicle, taken vehicle off road etc)
NOTE 1: If you take a vehicle off the road you must declare the vehicle as SORN with the DVLA
NOTE 2: If you are looking to get a replacement vehicle within 30 days, we would ask that you consider keeping the policy running (subject to the insurers agreement).
NOTE 3: We cannot back date the cancellation of your policy
Will a premium refund be given by the insurer if I cancel my “taxi” insurance policy?
If you were to cancel your “taxi” insurance policy, a “Time on Risk” (TOR) charge will be made by the insurer for the time you have been insured.
The amount of TOR charge applied will be shown in the insurance policy and may also be subject to an insurer administration charge.
If the policy was arranged through a Managing General Agent (MGA), they too may apply an administration charge.
If you are paying your premium using a premium payment plan (monthly direct debit), if this has not been paid in full then any outstanding balance will be deducted from the premium refund issued by the insurer.
Finally, any commission claw-back made by the insurer to Penk Insurance will be deducted from any refund in premium received from the insurer less our cancellation administration charge of £75.00.
NOTE: No premium refund will be given by the insurer where either a claim has been made on the policy or where a claim or incident is unsettled and not yet closed off (pending status). In this instance, the whole premium will be retained by the insurer and you will be responsible for payment of any balance owed on the direct debit agreement.