Two deliveries due today.  The wine has arrived, butcher yet to get here.  On balance that is the right way round.


Oh comms all ye faithful


In a London busesque ruse we have two communications from Lloyd’s to share with you.  John Neal has written to managing agents.  This sets out some useful guidance around extensions and premium payment terms.  Key points are:


  • Lloyd’s expects Underwriters to ensure that they do not automatically cancel policies for consumer and SME customers by reason solely of the application of a non-payment of premium clause for a period of non-payment for up to 60 days.
  • whilst it is Lloyd’s view that it is preferable that policies should be renewed rather than extended, even if for short periods pending fuller review, it is also its view that extensions should be granted whenever appropriate.
  • where any of the above leads to ‘overwriting’ of agreed GWP levels (most likely for the 2019 year of account) then this will not be cited by Lloyd’s as a reason to prevent Underwriters taking this action.


Also out today and attached is some more detailed guidance for Coverholders covering much of the same ground.


Is it wrong to Chuckle?


On Friday we appointed the Prime Minister to the position of most prominent British Covid-19 sufferer, succeeding now bonny again Prince Charlie.  But Boris has been outflanked by the news that the only surviving Chuckle brother has been laid low.  Paul now thankfully on the mend, although it is worrying that a man 50% responsible for the catchphrase “from you to me” has been carrying such a contagious disease.


Going viral with the virus


Yesterday we brought you news of coronavirus happenings in USA.  Today Germany and news of its Terms & Conditions Act.  This has made it legally enforceable that any insurance contract must be read in the best interests of clients.  Our German colleagues at the Brokers’ Association believe that this will mean that pretty much all business interruption insurance in Germany will pay out.  The total liability is likely to be €1-2 billion.  But this is German billions, so actually €100-200 US billions.  However, coverage is concentrated in the largest German insurance institutions such as Allianz who are said to be able to afford it.


Germany also significantly ramping up coronavirus testing with the aim of bringing people out of lockdown.  I have some what I consider excellent commentary on this and why the target date of 20th April is amusing, but it is not for general publication…



More tomorrow (probably).  Where is the b****y butcher??


20200331 Market Guidance v.1 (002)