Business Interruption – FCA test case

For information about the outcome of the FCA’s test case into how insurance policies respond to business interruption claims as a result of Covid-19 please visit this page.

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Plane

Line of business: Property Owners

Trade: Aero Research

When we are called on to cover a unique property, our property underwriting and risk consultants prove they delight in a new challenge.

Innovation is at the heart of what we do, so when our customer had an inventive plan to take their new aero research test facility to the next level, we were excited to support their ingenuity.

Following a worldwide search, they identified a disused underground tunnel here in the UK, which they could adapt into a premier full-scale aero testing facility. 

The challenge for our teams was to assess and underwrite an abandoned Victorian underground property that appeared in a relatively good state, but needed to satisfy the needs of the customer and local authority, who would then have to agree to lease the property for this unusual development.

Initially, we called upon the expertise and experience of our lead property underwriter to look closely at the proposed site. Working in close collaboration with our risk consulting team and with the brokers support, the customer was then able to provide additional insight to satisfy our understanding of the risk and the future development of the site.

This level of consultation was vital, as the proposed facility will be unlike anything the sector has seen before. And we succeeded.

Our expertise and ability to think outside the box, meant that we were able to write a unique, cutting-edge property risk which would have been difficult to place in the current market.

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