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The Supreme Court has ruled that insurers MUST pay-out Coronavirus business interruption claims that have been in dispute, which could be worth more than £1bn. More than 370,000 companies may be entitled to this claim. Small businesses have been hit the hardest during these uncertain times and Oakleafe Claims stands ready to assist you and your business in the preparation and presentation of your business interruption claim.
BOOK AN APPOINTMENTLord Hamblen has announced "The appeals of the Financial Conduct Authority and the Hiscox Action Group are substantially allowed and the insurers' appeals are dismissed."
Hiscox
Argenta
Arch
MS Amlin
QBE
RSA
Zurich
China Trading Insurance
New India
After originally being advised that business interruption policies did not in many circumstances protect a business from the effects of COVID-19 and the resulting financial effects of the shutdowns, The Supreme Court's decision will come as a relief to thousands of businesses across many sectors. Our in-house professionals can help identify whether you may be eligible to claim for your business losses. To have your insurance policies reviewed free of charge contact us now.
For over 8 generations we have successfully represented and supported many businesses with their business interruption claims and we are well-versed in dealing with all insurance companies when it comes to complex matters such as Business Interruption Claims (B.I). Insurance companies will work tirelessly to settle claims at minimal levels where they are contractually permitted to do so.
Justifying how your business would have performed, had a loss not occurred, is extremely complex and challenging. You have to demonstrate to Insurers your company's performance historically, and other factors that could have influenced trading over the interrupted period. Market performances are examined for your specific industry to see how it is performing generally, as well as local factors such as increases or decreases in your market share due to competition. Preparing, collating and presenting these factors to Insurers to achieve your entitlement is a time-consuming and tactical exercise requiring significant experience, vision, and imagination, not to mention tough negotiating skills.
Loss Adjusters and Forensic Accountants appointed by your Insurers often appear to increase the difficulty in preparing any claim, this is not their mandate. They represent your insurers and in doing so, are pressured to return a lesser pay-out to the Policy Holder.
Oakleafe Claims are only interested in getting the best settlement for you by presenting your case in an accurate and forward-thinking way. Whilst being mindful of your obligations to mitigate the loss, we also offer practical advice honed and based on over 70 years of experience.
When you call Insurers, a Loss Adjuster will be appointed by them to investigate the claim. Remember that the Loss Adjuster is not independent, they are retained by the Insurance Company to look after their interests and minimise any pay-out. They will try to repudiate the claim if they feel you have not met the conditions of your policy.
They may argue that you are under-insured, applying techniques to significantly reduce your claim value. Insurers also usually appointed Forensic Scientist teams to aid their quest of repudiating (not paying) a claim. In fact all the third party "specialists" employed to investigate your claim are not truly independent parties - they are engaged and paid by the Insurance Company.
To minimise the impact on Business Interruption, our primary role is to diminish the impact to your day-to-day operations, helping your business to recover. We will assist in locating temporary offices, warehouses, plant, machinery hire and other temporary arrangements. We can also deal with press agencies, your employees and other internal or external parties.
Appeasing staff and suppliers without jeopardising your Insurable position is also important. If employees and suppliers think the business may not survive then this can have a devastating effect on the company. Banks and other investors will also want to know the likelihood of a successful outcome from the Insurance Claim. We can deal with this for you too.
You will receive no support from Insurers or Loss Adjusters for this. It is in their interests to try to dictate the level of cover to minimise any pay-out. This is a niche area and we can ensure you receive your true entitlement.
0333 2101 999Make your property safe and mitigate any additional damage.
Collate the required information and negotiate your entire claim including including but not limited to Reinstatement Works, Stock or Content Losses & Business Interruption.
Oversee all parties including Insurers Loss Adjusters and their Specialists.
Interpret your policy, its wording and any conflicts relating to compliance with its conditions.
Push Insurers to accept liability as quickly as possible, in order to obtain Interim Payments to help you maintain your business operations.
Maximise your entitlement of Business Interruption cover and justify any Increased Costs of Working.
Survey the property to identify any defects not visible to the naked eye to protect your long term investment.
Aid with specialist appointments should assistance be required in complex situations such as your own forensic scientists.
