Tuesday, March 31, 2020

Specialist Logistics Insurer Advises Clients to Check All Aspects of Their Cover During the Crisis

Unoccupied Offices and Terminals Pose a Different Level of Risk
Shipping News Feature

UK – Normally whenever we publish a comment from what is seen as a specialist insurer working in the logistics field it refers to goods in transit, cyber security or, as in the current situation, force majeure where ports and shippers are reacting to a hitherto unprecedented threat and turning to the measure.

On this occasion something which many will not have considered as they deal with the threat of the Covid-19 virus has been pointed out by just such a specialist, Buckinghamshire based Peter Lole, which raises the point that the trend toward working from home may have an unseen side effect.

Empty offices and terminals present a raised threat level for insurers, and one they should be made aware of. If a business temporarily closes its office or building because of Covid-19, Peter Lole says insurers will be flexible around the period of unoccupancy specified on the policy document if customers take the appropriate steps to mitigate the risk of damage to the property whilst unoccupied. Director Simon Lole takes up the point:

”Policies will often include conditions that are intended to ensure good practise in protecting buildings from damage caused by the risk of fire, theft and escape of water, which are often increased when a building is empty. These conditions can be found in your insurance schedule and/or policy documentation.

”All insured parties should make a point of contacting their insurers and discussing the matter fully with them. In our case, and I’m sure in that of many other insurers, the transition to operating as normal from home has gone well with all processes running smoothly. It is, as always, important to keep your insurers advised of any change in circumstances, no matter what area this involves.”

Photo: Swanbourne Station, Buckinghamshire, deserted since 1968.