World Health Organisation (WHO) have officially declared
COVID-19 as a pandemic. BSA have already received several
instructions regarding coverage advice related to matters arising
from the coronavirus. While all efforts are being made by the WHO
and Governments around the world to contain the coronavirus and
look to develop a vaccine, world business and trade has been
impacted with issues around supply chains and business
interruption.
We anticipate that (re)insurers will have some part to play in
terms of a shift of risk and loss from its insureds to them, as
capacity-providers under certain insurance coverages. This will
give the immediate need for policy coverage reviews including
insuring clauses, type of insurance coverage and exclusions.
