Skip to content

  • Home
  • Expertise
  • Client results
  • News & Insights
  • People
  • Our DNA
  • Inclusion and Diversity
  • Join us
  • Contact Us
Home / NEWS & INSIGHTS / Blog / COVID-19: Recommendations and considerations / Allegiant IRS continues to monitor the latest developments of the evolving COVID-19 situation
COVID-19: Recommendations and considerations 17 April 2020

Allegiant IRS continues to monitor the latest developments of the evolving COVID-19 situation

We recommend that consideration is given to urgently reviewing your current insurance arrangements as it is essential that cover is updated in conjunction with changes in risk profile.

Immediate considerations:

  • ISR policy wording review to determine if there is potential for making a Business Interruption claim.
  • Review of policy coverage and/or sub-limits on the ISR policy. Removing cover and/or reducing sub-limits will potentially provide a return premium.
  • Whether Vehicles and/or Plant & Equipment are currently not being utilised. Insurers may apply reduced rating for items considered as “Laid-Up”.
  • Investigation of whether premium payments can be deferred or spread over additional instalments.
  • In the alternate, increases in limits to be reviewed where sales and/or stock limits have increased which may require an additional premium outcome and where disclosure to the insurer is required due to a change in circumstances.

Renewal considerations:

  • Review of Business Interruption Sums Insured and this should include a review of Gross Profit, Gross Rental Income and Payroll Sums Insured.
  • Adjusting estimated Turnover according to the impact COVID-19 will have on forward estimates for the next 12 months as turnover is a primary rating factor for Public Liability, Professional Indemnity and Directors & Officers policies.
  • Review of policy coverage and/or sub-limits on the ISR policy. Removing cover and/or reducing sub-limits which should have an impact on premium.
  • Consider the need for travel insurance for the next 12 months given travel restrictions are likely to be in place until June 2020.
  • Investigation of whether premium payments can be deferred or spread over additional instalments.

If you would like to further discuss your insurance arrangements, please contact a member of the Allegiant IRS team.

This publication covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. It is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.

About the authors

  • Brad Russell

    Partner

In other news

McCullough Robertson adds depth to growth industries in Government, Renewables and ESG, with key lateral partner hire in Brisbane, appointment of a new partner in annual promotions and development of ESG diversified business

4 July 2022Media, News

The DBP Act’s statutory duty of care under the microscope

29 June 2022Insight

2022-23 Queensland Budget

24 June 2022Insight

2022 EOFY trust distributions: handle with care

22 June 2022Insight

VIEW ALL NEWS & INSIGHTS

BRISBANE

Level 11, 66 Eagle Street
Brisbane QLD 4000
GPO Box 1855
Brisbane QLD 4001
Tel +61 7 3233 8888
Fax +61 7 3229 9949

 

GET IN TOUCH

    Contact form

    We handle your personal information in accordance with our privacy policy.

    Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

    sydney

    Level 32, MLC Centre
    19 Martin Place
    Sydney NSW 2000
    GPO Box 462
    Sydney NSW 2001

    Tel +61 2 8241 5600
    Fax +61 2 8241 5699

     

    GET IN TOUCH

      Contact form


      We handle your personal information in accordance with our privacy policy.

      Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

      melbourne

      Level 27, 101 Collins Street
      Melbourne VIC 3000
      GPO Box 2924
      Melbourne VIC 3001

      Tel +61 3 9067 3100
      Fax +61 3 9067 3199

       

      GET IN TOUCH

        Contact form

        We handle your personal information in accordance with our privacy policy.

        Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

        follow us

        CLIENT LOGIN

        newcastle

        92 Young Street
        Carrington NSW 2294
        PO Box 394
        Newcastle NSW 2300

        Tel +61 2 4914 6900
        Fax +61 2 4914 6999

         

        GET IN TOUCH

          Contact form


          We handle your personal information in accordance with our privacy policy.

          Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

          canberra

          Level 9, 2 Phillip Law Street
          Canberra ACT 2601

          Tel +61 2 6243 3669
          Fax +61 2 8241 5699

           

          GET IN TOUCH

            Contact form


            We handle your personal information in accordance with our privacy policy.

            Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

            © 2017 McCullough Robertson. Site map Disclaimer Privacy Policy Statement of Business Ethics Credit Reporting Policy

            X