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26/09/2020

Business Interruption Insurance and the Deduction of Grants

One of the biggest scandals of the lockdown has been the behaviour of insurance companies, both those (not) providing Travel Insurance and the appalling practice of deducting Government Grants from insurance pay-outs.

Our friends, PASC UK, funded and ran the #justpayit campaign, which the ASSC supported, which lobbied the Financial Conduct Authority (FCA) and MP’s about this reprehensible practice.
Last week the FCA wrote to insurance CEO’s telling them effectively not to do it, and now HM Treasury has written to the Insurers saying thanks to those that have said they will stop doing it, and that further action will follow if they don’t stop.
Armed with the FCA and Treasury letters, anyone who has had their Grant deducted from a claim, or has not made a claim because they thought it would, should now go back to their insurers and get the money back.

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