When it comes to pandemic coverage always read the fine print — particularly if you’re the one who wrote it, as at least one insurance company has found out.
File this under “you had one job”.
Many of Australia’s biggest insurance companies, whose principal occupation is doing everything they can to ensure that they never pay out on a policy, have had their pants pulled down by the NSW Court of Appeal with very expensive consequences.
The issue before the court, in a test case brought on by the peak industry body the Insurance Council of Australia, was whether insurance policies that cover business interruption will respond in the circumstances of a pandemic such as COVID-19.
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