Stevie13000
Well-Known Member
So it’s an assumption as opposed to fact .
Rangers ten million claim for business interruption
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Grigo Yossarian
Well-Known Member
Yes Ar.
We didn’t lose any Euro income last season, as VB mentioned, so there’s maybe an element of guesstimate from the journalist ?
last minute signing
Well-Known Member
I wouldn’t be surprised if we do have coverage around this level and the cost probably won’t be as much as you think vs not having it. Insurers probably viewed this scenario of being 1 in 10,000 for example, therefore having minimum impact on the policy cost.
dennyperkins
Well-Known Member
I recall this being mentioned on here a couple of months ago that only Rangers and perhaps Hearts or Dundee had this kind of insurance?
Today just gets better and better.
A lot of indemnity cover runs January to December.
If it did happen to be the whole 12 months of last year then our Europa league qualification this season.
I have no evidence to support that speculation but it is quite common although you would probably think that a football club would go season to season.
In our case in recent years that would be July to June.
If it did happen to be the whole 12 months of last year then our Europa league qualification this season.
I have no evidence to support that speculation but it is quite common although you would probably think that a football club would go season to season.
In our case in recent years that would be July to June.
rupertdabear
Well-Known Member
Maybe mate and maybe not. Unless the court have ruled otherwise it applies to only certain policies that had taken an extension of cover for pandemics .
The companies were trying to make the new disease case and as no one knew about it wasn't covered .Thats what the judgement was addressing as far as i know.
I have BI cover myself but it states in the terms ,only as result of interruption and a sucessful claim on the other terms of the policy ie the business being unable to operate due to fire, flooding or other damage or causes covered by the policy .
I had it looked into and its pretty clear, although thats not to say the courts haven't over ruled that but won't hold my breath on a payout .
High Society
Well-Known Member
Where are the East End financial experts when we need them
This is your opinion, it is not fact and we do not know if they will pay out for Europa league or not. I highly doubt it somehow.
Grigo Yossarian
Well-Known Member
BI Claims can be very large.
10m doesn’t surprise me at all, without knowing the detail of course, but in principle it’s not a shock.
Valley Bluenose
Well-Known Member
They did say we’d had an initial payout and discussions were ongoing about further payments. I’m inclined to think if those further payments had the potential to reach the figures quoted then we’d have been a lot more upbeat about it. We’ve obviously more to come but speculation on the amount is nothing more than just that - speculation.
I’m a pessimist by nature though.
Badger
Well-Known Member
Should always proof read before I post haha
rupertdabear
Well-Known Member
give them time ,the half ten school bus will be along soon
EndOfDays
Well-Known Member
Lots of different policies with different wording but contagious diseases will all be excluded when policies renew.
The court found in favour of the policy holders pretty much across the board though.
The covers for most will have lowish limits as it was never taken out to cover something on this scale.
Bluemingoodbloke
Well-Known Member
Surely it would be more likely that Phil will have all the details from one of his sources in SquarePants.
BlueNoseBlueblood
Well-Known Member
It's like the collapse of the Soviet Union (on a much smaller scale of course, and people's liberty much more important!) - when borders started to come down with apparent inpunity. Then allowing the analogy to continue, then our 55 will be akin to the downing of the Berlin Wall!
Grigo Yossarian
Well-Known Member
It's like the collapse of the Soviet Union (on a much smaller scale of course, and people's liberty much more important!) - when borders started to come down with apparent inpunity. Then allowing the analogy to continue, then our 55 will be akin to the downing of the Berlin Wall!
Its got the feeling of a major time in our lives BNBB.
Virgil Hilts
Well-Known Member
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Livibear
Well-Known Member
Bearinabluehose
Well-Known Member
Not just Phil....the unwashed will be boiling
ChildOfGod
Well-Known Member
Probably bumped our premiums up this year but nevertheless we should renew imo
if an event such as covid starts in one year and runs on and on would it be fair to say Insurers in principle would allow cover to extend ?
wonder which EPL clubs have taken cover as there numbers could be many factors larger
if an event such as covid starts in one year and runs on and on would it be fair to say Insurers in principle would allow cover to extend ?
wonder which EPL clubs have taken cover as there numbers could be many factors larger
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Leeonell Tidy
Well-Known Member
IF this is correct, it shows the professionalism we have been operating under for a good wee while. OH, and I resent being called a "small Business"
DJ Blue
Well-Known Member
Covid 55
Alex
Well-Known Member
Wimbledon/The LTA got a payout of around £110million. Sporting events and clubs are bound to get big payouts because of the disruption caused.
Danny_1872
Well-Known Member
Hopefully this is true.
Corkinator
Well-Known Member
Mine was 5 million for a one man company oaid £500 a year for it!!
I’m not an expert on such things, but would premiums/maximum payout not be linked to the level of cover you wanted to pay for possibly dependent on the size and turnover of the business concerned?
I don't know the specifics of the RFC policy, but what the High Court ruling did was confirm that liability on certain policies (not all) would apply. The courts ruled that some policies would respond despite the wording's intentions not do so. Effectively getting the claim paid by default (from an insurers perspective).
Most BI polices will cover the policyholders losses for a predetermined period. (Typically 12 months although can be longer 2/3 years). The payout being the difference what the businees would have made but for the pandemic/lock down less what profit they actually made in that period. This is 23/03/20 to 22/03/21.
Put simply in real terms the business should not be financially any worse off with the exception of the excess.
The issue is if the lockdown and fans are unable to take their seats after the policy period expires.
Many insurers have already started to reword their policies so as to close this loophole, although specific policies can be aquired but suspect will be expensive.
Most BI polices will cover the policyholders losses for a predetermined period. (Typically 12 months although can be longer 2/3 years). The payout being the difference what the businees would have made but for the pandemic/lock down less what profit they actually made in that period. This is 23/03/20 to 22/03/21.
Put simply in real terms the business should not be financially any worse off with the exception of the excess.
The issue is if the lockdown and fans are unable to take their seats after the policy period expires.
Many insurers have already started to reword their policies so as to close this loophole, although specific policies can be aquired but suspect will be expensive.
Bowery Boy
Well-Known Member
Just auto renewed at £16m per month
big_blue
Well-Known Member
Yes absolutely. My own level of cover is more than enough to cover me and the premium reflects that.
I wonder what the premium would be for a £10m payout or the £110m Wimbledon payout. It must be a six figure premium and worth every penny.
Valley Bluenose
Well-Known Member
When the Wimbledon story broke it was disclosed their premium was £2m per annum. They'd been paying for decades - but will be thankful in the end.
Wugs
Well-Known Member
Ibroxmassive
Well-Known Member
Wimbledon took out their policy after the original SARS outbreak, and it might have been a similar trigger for us.
Insurance Times said:
temperance
Well-Known Member
I’m not believing a word of this until I’ll Phil confirms it.
ShawlandsBear94
Member
brilliant!!
Soldier1981
Moussa Dembele's Number 1 Fan
Good news, slightly off topic but these insurance companies that try to avoid paying should be made to pay treble severely sanctioned to deter them from doing similar with other policy holders.
They are happy enough to take people's money but when the people make a claim the insurers will try everything to avoid a pay out.
They are happy enough to take people's money but when the people make a claim the insurers will try everything to avoid a pay out.
LaudrupTheGreat
Well-Known Member
That’s superb news and a massive bonus
