Hiscox
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The action emanates from a declined BI claim for losses at 37 pubs and restaurants.
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Hiscox, Willis and Lloyd's were among the companies that faced up to the Covid-19 crisis, while US lawmakers also had their say.
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The calculation is based on carrier guidance to the market about potential exposures.
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Precise wordings could trump underwriters’ intentions, or the fact Covid-19 losses were unforeseen and unprecedented. -
Beazley and Lancashire also fall amid worries about Covid-19 exposure.
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The carrier notes that only 10,000 of UK SME clients with BI cover have been hit by the Covid-19 lockdown.
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Shares in peers Lancashire and Beazley also registered losses during trading.
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Embattled business owners have written to Business Secretary Alok Sharma to complain about the carrier's stance.
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Multiple broking sources believe the breadth of the Hiscox wording means all BI claims are covered.
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The dispute centres on wordings around non-damage denial of access and public authority shutdown mandates.
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Sources suggest the insurer has broader policy wording than that typically used for small business clients.
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First-quartile syndicates grow while wider market remains constrained.
