Reconstruction With How Many Teams?

[DeeVinci]

All policies will have different terms, usually businesses take out 1 year policies to cover them for 12 months (much like house insurance). Any claim in that period will cover the policy period. At a guess we probably take insurance for each season so we're probably covered for business interruption (wages, loss of income) for this season only. Unless we've been very prudent I doubt we would have insured next season but you never know and I'd assume insurers are now charging very high premiums to football clubs for next season and probably excluding covid19 claims.

[Wackyjim]

7 minutes ago, valleyboy said:

If your life insurance runs out or you stop it, and die the next day, would you expect your wife to get a cheque through the door

My wife would stick me in a cupboard then renew the policy

[Cobra]

21 minutes ago, valleyboy said:

If your life insurance runs out or you stop it, and die the next day, would you expect your wife to get a cheque through the door

If I'm covered for a pandemic I would expect to be covered against losses caused by COVID 2019 even if the losses stretched in 2020.

I can't imagine insurance companies treat pandemics in the same way they treat a camera stolen in Tenerife.

[valleyboy]

4 minutes ago, Cobra said:

If I'm covered for a pandemic I would expect to be covered against losses caused by COVID 2019 even if the losses stretched in 2020.

I can't imagine insurance companies treat pandemics in the same way they treat a camera stolen in Tenerife.

You might have a point, I’m not an expert when it comes to insurance, but I wouldn’t expect an insurance company to pay for a period not paid for by club,  it’s strange their policy didn’t cover the whole season 

[chomp my root]

1 hour ago, Cobra said:

So Aberdeen were covered for just a few weeks?

Just guesswork but they may have taken it out at the start of the season and thought it wasn't worth it for the final month of the season as they reckoned they could pay the months wages. 

Lets be honest, this isn't something most club even considered so its maybe a belt and braces thing that didn't cost that much as nobody thought it would happen. 

[barkblue]

1 hour ago, Cobra said:

If I'm covered for a pandemic I would expect to be covered against losses caused by COVID 2019 even if the losses stretched in 2020.

I can't imagine insurance companies treat pandemics in the same way they treat a camera stolen in Tenerife.

I certainly wouldn't be banking (no pun intended) on the good grace of financial institutions. If they can get out of paying, they certainly will.

[Cobra]

4 minutes ago, barkblue said:

I certainly wouldn't be banking (no pun intended) on the good grace of financial institutions. If they can get out of paying, they certainly will.

I'm sure they will but it doesn't make sense to offer pandemic insurance that ends rigidly on the renewal date.

If Dundee are insured against a pandemic and the renewal date is end of March and a pandemic starts mid-March and causes upheaval for 12 months, that insurance is effectively worthless unless it covers the duration of the pandemic.

[barkblue]

2 minutes ago, Cobra said:

I'm sure they will but it doesn't make sense to offer pandemic insurance that ends rigidly on the renewal date.

If Dundee are insured against a pandemic and the renewal date is end of March and a pandemic starts mid-March and causes upheaval for 12 months, that insurance is effectively worthless unless it covers the duration of the pandemic.

And if the pandemic goes on for 10 years? Insurance companies will be broke before you know it (as will everything else for that matter I suppose).

I get where you're coming from mate and I don't know the answers, but I've never seen a policy that simply roles on unless it is like life assurance - maybe that's exactly what it's like?

That said, I have heard numerous times now though that some clubs did have this cover and it did run out and they were refused when they asked to renew it. That could be codswallop though.

[Cobra]

3 minutes ago, barkblue said:

And if the pandemic goes on for 10 years? Insurance companies will be broke before you know it (as will everything else for that matter I suppose).

I get where you're coming from mate and I don't know the answers, but I've never seen a policy that simply roles on unless it is like life assurance - maybe that's exactly what it's like?

That said, I have heard numerous times now though that some clubs did have this cover and it did run out and they were refused when they asked to renew it. That could be codswallop though.

Just looked it up and it seems that Aberdeen's pandemic insurance does is about to run out. Aberdeen have called the company "unethical" for not covering losses throughout the crisis.

 On another note, Wimbledon are to get a £120m payout because the event is cancelled. I suppose that's more straight-forward though.

[barkblue]

1 minute ago, Cobra said:

Just looked it up and it seems that Aberdeen's pandemic insurance does is about to run out. Aberdeen have called the company "unethical" for not covering losses throughout the crisis.

 On another note, Wimbledon are to get a £120m payout because the event is cancelled. I suppose that's more straight-forward though.

That was certainly my understanding anyway mate. Couldn't remember the club so couldn't back it up. I'd agree with Aberdeen on this occasion too. Most insurance companies have little in the way in ethics when it comes to parting with cash.

I'd guess that Wimbledon's policy will be based on a one-off cancellation for any reason. Not so sure they'll get another policy that will cover COVID now though. 

[chomp my root]

22 minutes ago, Cobra said:

Just looked it up and it seems that Aberdeen's pandemic insurance does is about to run out. Aberdeen have called the company "unethical" for not covering losses throughout the crisis.

 On another note, Wimbledon are to get a £120m payout because the event is cancelled. I suppose that's more straight-forward though.

Insurance is a bit of a minefield, even for us 'little people' there are a number of different things we could get covered but a lot of us skimp. We don't bother with contents insurance for example as most things now can be replaced for less than a grand, we'd be pooped if it all got trashed but certainly in the short term we could get everything from charity shops if the house got destroyed for example. There's also things like excesses, you can get cheaper insurance if you have larger excesses, I daresay organisations like football clubs will do the same as us and pay the least they think they can get away with.

[Iain T Campbell]

13 hours ago, Cobra said:

I'm sure they will but it doesn't make sense to offer pandemic insurance that ends rigidly on the renewal date.

If Dundee are insured against a pandemic and the renewal date is end of March and a pandemic starts mid-March and causes upheaval for 12 months, that insurance is effectively worthless unless it covers the duration of the pandemic.

With insurance policies you have to be careful what the small print says, and very often we do not pay much attention to clauses in the small print that tell another story. It looks very much like this is what happened to Aberdeen. They thought they were covered but suddenly realised that this was not the case.