US News Insurance offers pandemic protection

08:45  21 october  2020
08:45  21 october  2020 Source:   finanzen.net

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COVID-19 business interruption protection gap. Box 1. Insurance coverage developed for Some insurance products have been developed to offer explicit coverage for business interruption losses A pandemic risk insurance programme could also integrate requirements for covered businesses to

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Now that many companies, shops, bars and restaurants have had to temporarily cease operations due to the corona virus, the question is whether the loss of income can be reimbursed. And who would have thought: You can actually insure yourself against pandemics.

ASIF HASSAN/AFP/Getty Images © Provided by Finanz.net ASIF HASSAN / AFP / Getty Images Hardly any pandemic insurances were taken out before Corona, now it is too late

From water damage and fires to break-ins and illness to accidents, the insurances take hold and cover costs . Now there is a pandemic and only very few companies are insured against it: "Protection against business interruption due to the risk of communicable diseases is hardly widespread at the moment," said Fabian Konopa, an expert from Funk Versicherungsmakler to gdv - because the likelihood that operations has to be discontinued due to a pandemic appeared to be relatively low until recently.

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Der Tagesspiegel writes that retrospective insurance is hardly possible. This is problematic for entrepreneurs who are now in a mess, but there is a good reason. Gunther Kraut, expert for pandemic insurance at Munich RE , told gdv: "At a certain point, the limit of insurability has been reached - at least with regard to classic insurance products."

Because for insurers, pandemics are one of the so-called "accumulation risks". These are dangers that can cause a lot of damage in a very short time and thus overwhelm the insurer. Natural disasters also belong to the accumulation risks - in contrast to a pandemic, however, these are mostly localized and insured events do not occur on such a large scale.

Who is insured against pandemics?

Usually, the pandemic protection for entrepreneurs is taken out in the business interruption insurance, but this does not happen automatically. In order for the insurance cover to also apply during Corona times or other pandemics, an additional so-called cover extension for official closures in accordance with the Infection Protection Act must be agreed in the contract.

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Most of the time, the phrase "company closure ordered by the authorities" is used, but some insurances also take effect through the "unnamed dangers" cover. The business interruption insurance then usually pays daily rates over a certain (previously agreed) period, which can vary contractually.

What many companies have actually taken out are policies that cover loss of earnings due to business interruptions or the failure of trade fairs and concerts.

Can private individuals also be insured against pandemics?

For private individuals, the expense of a pandemic insurance is usually not worthwhile, as the associated damage is usually not as high as with companies. But what is good to know: A normal occupational disability insurance only applies to some insurance companies if there is an official order that justifies the incapacity. Emergency protection policies take effect in the event of a serious illness, which is also the case if it is triggered by the virus.

Term life insurance also works as usual, but what is often not included in the insurance cover is a reimbursement of living expenses during quarantine and daily sickness allowance in quarantine as long as there is no medically necessary treatment. Olga Rogler / Finanzen.net Editor

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