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Insurance cover for business interruption – COVID 19

Many British companies have business interruption insurance cover, often with additional ‘emergency’ and ‘disaster’ clauses, but Maybrey Precision Castings was surprised to discover a lack of empathy over the current crisis, when they enquired about claiming on what they believed to be a long-standing and extensive insurance policy.

Managing director Doug Hills explains: “We felt that this covered Maybrey for almost every eventuality, including virtually all known serious infectious diseases and viruses, but of course not COVID-19, because it was then unknown.

“As a company, we were moderately relaxed as we had this cover as our safety net should a pandemic hit, but our insurance company AXA isn’t interested and has rejected our claim out of hand.

“This is scandalous. We have always done the right thing to protect the company, paid our premiums with the mistaken thought that our insurance company would protect us should a pandemic strike.”

Hills told Foundry Trade Journal that the company is considering a legal challenge and would like to hear from other UK foundries to ascertain if they have experienced similar negativity from their insurance companies.

He is particularly disgruntled at the manner in which the company has been dismissed over its enquiries.

“We are also in touch with the government to try and put pressure on the insurance industry to do the right thing in these circumstances and engage with their customers,” Hills said.

Interested parties can contact Doug Hills on email: dhills@maybrey.co.uk and are urged by Hills to also contact their own MPs with this matter. www.maybrey.co.uk   www.facebook.com/maybreyreliance Twitter: https://twitter.com/MaybreyReliance?lang=en-gb