COVID-19: Insurance Briefing for Portfolio Companies
With the position changing by the day in every country, we are conscious that many of our clients have been enquiring about the implications of COVID-19 on their portfolio companies’ insurance arrangements.
In this bulletin, we look to provide our most up to date insights regarding the implications of COVID-19 on a number of those classes of insurance most generally purchased by portfolio companies across a wide range of industry sectors.
Our focus on particular classes of insurance as provided here is general and coverage for each insured of course will follow individual policy and contract language which will often differ, and which should be reviewed on a case by case basis. The content here is meant for thoughtful consideration and is not meant to serve as a complete prediction of coverage or as a generalised coverage position, which should be formed in consultation with each insured’s company’s professional advisors.
As yet at least, there has been no rush of claims being presented to insurers and it remains to be seen what financial impact COVID-19 will have. Notwithstanding this, now is the time for a company to review its policies’ expected response and determine either potential avenues for, or obstacles to, the recovery of losses associated with the continuing COVID-19 outbreak.
We hope that this, and subsequent, bulleting from Aon’s M&A and Transactions Solutions teams will keep our clients better informed and help them to manage the current uncertain environment. We are at your disposal to answer any questions you may have any to help you identify solutions to some of the challenges you will be facing right now.