This type of insurance cover normally forms part of your property insurance and when claiming you need to ensure that the cover is specifically for business interruption. The wording of the policy document is crucial in assessing whether you are entitled to claim. The cover can have several components relating to your business such as profits, extra expenses incurred and fixed costs.
If your Insurance Company disputes or denies your claim you should be entitled under the terms of the policy to refer the dispute to Arbitration. Burns Nowlan has been involved in many types of Arbitration involving Insurance Companies and is ready to help you immediately.
Of relevance in these type of cases is the judgment in Manor Park Homebuilders Limited -v- AIG Europe (Ireland) Limited where McMahon, J. stated: “ The principle of uberrimae fidei, which applies to all insurance contracts imposes a heavy onus of disclosure on the insured …. the insured’s duty is balanced by a reciprocal duty on the insurer to make its own reasonable inquiries, to carry out all prudent investigations and to act at all times in a professional manner. In fact the onus to do this, because of its experience and expertise, lies primarily on the insurer. ” [our emphasis]
Thus where a doubt arises as to the interpretation of a policy document the principle of uberrimae fidei should assist the policyholder in having a claim resolved in his/her favour.
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