You gotta be Staatsing something, as Michael Jackson might put it.
FC Whey hey hey
I spoke to FCA to get a little more detail around the thinking behind last week’s announcements of it seeking to resolve ambiguous BI wording through test court cases. Our concern is how this might affect international business where the coverage may be placed in multiple centres. FCA is giving this more thought but did confirm that the main focus of this initiative in on domestic SME business. I also raised the issue that any premium rebates could pose a significant liquidity threat to members if they brought with them commission rebates. FCA is alive to this danger and we have agreed to keep discussing. We will respond formally to the consultation on these proposals and, of course, keep you abreast of developments..
Grand theft auto
As you are aware, this column is unnaturally obsessed with the affect that the lockdown is having on the world of crime. We have already seen the almost complete breakdown of the international drug market caused by nobody being out and about on the streets to buy or sell. But this story shows how thieves are bringing a new level of ingenuity to their trade. Admittedly they really should have thought in more detail how they were going to carry through the second part of the operation – distributing cars onto the end consumer – when all the roads are empty and they have stolen 97 vehicles with lurid green branding. The concept of not sticking out seemingly a little lost on them. But it has emboldened me to continue to pursue a pet project I have been toying with. I have been observing and mentally valuing the art work on display in the background of virtual meetings. Based on this study I am drawing up a priority list of homes to burgle once their owners are let out. Fool proof.
Blinding lights
It seems the government may be contemplating the slightly weird concept of abolishing The Weeknd as part of the back to work policy. Not quite sure what he has done to deserve that. And the idea that our government has such jurisdiction over a Canadian citizen seems to me to be rather archaically imperialist. Still, it is a far, far better idea than designating Saturdays and Sundays as working days. That can only lead to civil unrest
Back down Stratford way
The FCA daily corona virus email (which affects a somewhat different style to these) laid claim yesterday to have updated its guidance around access to premises. Not certain I can spot the difference but the central principle that insurance should not be downgraded because clients cannot access their properties seems generally sound.
Hat trick
Making an unprecedented third appearance today it is FCA again, this time with that old classic “we have extended the period to cover Senior Managers”. It was 12 weeks, it is now 36 weeks. Details on how to apply etc (including being able to apply as a precaution, on their news site.
Working with the CIA B
Our friends at Council of Insurance Agents and Brokers in Washington get these messages and have taken to quoting passages in their own fine daily emails (these do affect a somewhat similar style). Including the bit that would rely on the average US insurance broker knowing that the Chelmsford bypass is the A12 – heartening given the usual “central America is the mid-west” slurs on the level of geographical expertise of our American friends. So I shall return the compliment by bringing you the useful news that the industry has dodged a bullet with DC Council (who knew?) – and the remarkable reach of the story as follows:
“The Washington D.C. City Council today shelved a proposal that would have imposed retroactive Business Interruption coverage on carriers. It’s not a surprise that this was a relief for the industry, but what was a bit of surprise were the first two emails of congratulations that came in from CIAB board members – Jacques Verlingue of France, and Jochen Koerner of Germany. Who would ever imagined a couple months ago that senior insurance execs from around the world would be watching and caring what the D.C. Council was doing? Such is the importance of the whack-a-mole BI coverage dispute around the world.”
With thanks to the unsurpassable “Big” Joel Wood for this. But your house is still on my list.
Inspired by Professor Lockdown’s approach to following his own advice, I am off to place some insurance business by email. Hasta manana