Rangers ten million claim for business interruption

That's great news for us...

How did the FCA come to the conclusion that the policies should pay? There was no physical damage to property which has to happen for a BI claim to be triggered, doesn't it?
You get non damage BI cover as well. A good example was when the pavilion theatre was closed becuase of a fire up the road at a different property.
 

Rangers have a ten million claim in for business interruption of which a million already paid out. The ten million is for the loss of revenue from the Europa league games & group stages. This news means it will be paid out.
I’m aware we have a claim in. I’m aware our insurers have accepted we have a legitimate claim and have already made an initial payment (reportedly over £1m). I’m aware that we are negotiating with them regarding further payments. I’ve not seen any confirmation of a figure of £10m being claimed nor of such a figure being agreed.

Is your figure supposition - or based on any available info?
 
I’m aware we have a claim in. I’m aware our insurers have accepted we have a legitimate claim and have already made an initial payment (reportedly over £1m). I’m aware that we are negotiating with them regarding further payments. I’ve not seen any confirmation of a figure of £10m being claimed nor of such a figure being agreed.

Is your figure supposition - or based on any available info?

How much do you think the claim would be for? We've missed out on 5 full houses at Ibrox so far in the Europa league - it could rise depending on how far we go.
 
Be great if we could recoup 5->10M via the insurance, as the money will remain in bear's pockets to spend on merchandise, future tickets etc. Hopefully the filth don't a have a similar policy!
 
How much do you think the claim would be for? We've missed out on 5 full houses at Ibrox so far in the Europa league - it could rise depending on how far we go.
I have absolutely no idea because I don’t have access to the policy. What period does it cover, for example? I’ve simply asked where the figure comes from. If it’s just a guess then we could all pluck figures out the air. £20m? £5m? Is it a guess or is it ‘inside info’ is what I’m asking.
 
I would expect Rangers to have nearer 5M.
To be honest any kind of figure into the multi millions is great in the grand scheme of things.
I remember at the time when all this started there was talk of one or two clubs having insurance covering this and I did not recall us being mentioned at all as one of the clubs.

It will not cover all losses it seems but fair play to the person putting this kind of cover in place as it appears we have a more than decent amount of money coming our way.
 
You get non damage BI cover as well. A good example was when the pavilion theatre was closed becuase of a fire up the road at a different property.
Most of these policies all have disease exclusions as well... i think that was the main exclusion carriers were using on these claims wasn't it?
 
Not sure how much this ruling will impact us. My thoughts are that our insurers were already paying out and that the lesser payment has already been made as the full payment hasn’t yet / cannot be quantified. I think our insurers had already admitted our policy therefore covered us. If our insurers weren’t admitting we were covered they wouldn’t have paid a penny.

The bigger hope is that there is not a maximum claim / cap on our policy for each event, which may limit the payout.
 
I'd be flabbergasted if we had a policy with a coverage of £10m or anything near it. If we do I'd like to know the premium we pay.
Would premiums have been a crazy amount more for pandemic coverage though?

It will have been a bit more but in my naive mind on these things I would thought insurance companies would have seen this as easy money with not much chance of it occurring in the Western world in this day an age.
 
Not sure how much this ruling will impact us. My thoughts are that our insurers were already paying out and that the lesser payment has already been made as the full payment hasn’t yet / cannot be quantified. I think our insurers had already admitted our policy therefore covered us. If our insurers weren’t admitting we were covered they wouldn’t have paid a penny.

The bigger hope is that there is not a maximum claim / cap on our policy for each event, which may limit the payout.
That's really all that will be left is negotiating the final payout depending on the European games we have left

Also loss of hospitality matchday earnings etc
 
Yes, I read that VB.

Im just making that point to suggest that our potential 10m is realistic.
I think the first thing we’d have to know is the period covered. Someone mentioned 5 x EL games earlier. If the policy being paid out on only ran to the end of last season - before being renewed on different terms for example - then that wouldn’t apply.

I have no idea other than that our insurers have made an initial payment. I suspect nobody else knows either and that the tweet that has led to this is simply speculation that we shouldn’t get too excited about - unless we hear the same from a ‘reliable’ source. Be delighted if it’s true though, obviously.
 
I think the first thing we’d have to know is the period covered. Someone mentioned 5 x EL games earlier. If the policy being paid out on only ran to the end of last season - before being renewed on different terms for example - then that wouldn’t apply.

I have no idea other than that our insurers have made an initial payment. I suspect nobody else knows either and that the tweet that has led to this is simply speculation that we shouldn’t get too excited about - unless we hear the same from a ‘reliable’ source. Be delighted if it’s true though, obviously.

Absolutely.

The great news is that initial payment being made at least sets a precedent.
 
That's great news for us...

How did the FCA come to the conclusion that the policies should pay? There was no physical damage to property which has to happen for a BI claim to be triggered, doesn't it?
The word interruption is key here!!
Other things rather than damage to property can cause business interruption.
 
Absolutely.

The great news is that initial payment being made at least sets a precedent.
Yes mate, agreed. For one thing it shows we have a good relationship with our insurers. The crucial thing here will be the period insured. If we did it season to season then it might only cover us to the end of last season and the payout might not have too much more to come. If it was a policy that extended to cover this season then it’s a whole different ball game.
 
Yes mate, agreed. For one thing it shows we have a good relationship with our insurers. The crucial thing here will be the period insured. If we did it season to season then it might only cover us to the end of last season and the payout might not have too much more to come. If it was a policy that extended to cover this season then it’s a whole different ball game.

Great point.

Indurance periods don’t always reconcile to financial years too, of course.
 
The word interruption is key here!!
Other things rather than damage to property can cause business interruption.
I don’t think it is that straight forward mate.
pretty sure there is supposed to be property damage. That’s what the whole argument was about.
If we had ‘non-property’ BI then there would be no argument I think. If we’re relying on property BI, getting a payout is damn lucky.
 
Absolutely.

The great news is that initial payment being made at least sets a precedent.

It shows beyond doubt that our insurers have agreed it’s a covered risk.

So, the only matter still to be decided is the full extent of the claim and cover.

Liability has already been accepted by the insurers if they’ve paid out an initial amount.
 
That's really all that will be left is negotiating the final payout depending on the European games we have left

Also loss of hospitality matchday earnings etc

I’d imagine the final payout won’t be known until the government restrictions are fully lifted. Are we down match day ticket income and associated revenue until the end of March or end of the season? Nobody knows and our insurers won’t feel charitable and just give us til the end of the season.

When we know the full value of the claim, this will go to the insurers who will then make their own assessment on it.

My hope is that we have a high limit / or no limit on payout, albeit I’d imagine the insurers will have something in there given my experience. One thing is certain is that we are in a much better position than a lot of others.
 
Is the cover only Us and one other Scots club had, it might have been Hamilton, mentioned early on this season on FF..?
 
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