1312
Well-Known Member
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.
Where does it say we have 10M?
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.
This article isn’t specific to rangers but we have a claim in for loss of earnings.Where does it say we have 10M?
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.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?
Any sources to back up the 10m figure?This article isn’t specific to Rangers but we have a claim in for loss of earnings.
No but I presume it’ll be based on last seasons figures?Any sources to back up the 10m figure?
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.
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 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.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.
That’s a monsterous amount of a claim.Great news but do you have details?
Resilience wording with non-damage BI extension I’d guess, a few football clubs have it.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?
To be honest any kind of figure into the multi millions is great in the grand scheme of things.I would expect Rangers to have nearer 5M.
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?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'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.
I’m sure I read that Wimbledon had been paying circa £2m per year on that policy for several years. Worked out for them in the end obviously but that’s a chunky premium.Wimbledon were meant to have got over 100m pds, so why not ?
I’m sure certain claims will have a maximum amount per incident.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?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.
I’m sure I read that Wimbledon had been paying circa £2m per year on that policy for several years. Worked out for them in the end obviously but that’s a chunky premium.
That's really all that will be left is negotiating the final payout depending on the European games we have leftNot 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.
Aye but you’re not a football club mateI’m sure certain claims will have a maximum amount per incident.
A £10m limit is very high. The maximum payout on my own business indemnity insurance is £2m.
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.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.
The word interruption is key here!!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?
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.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.
I don’t think it is that straight forward mate.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.
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
So it’s an assumption as opposed to fact .No but I presume it’ll be based on last seasons figures?