Aqueous Underwriting, a London-based managing general agent, has responded to the coronavirus crisis with a package of measures designed to help its clients in the food, hospitality and leisure sectors, which were forced to closed or curtail operations when the UK government announced a countrywide lockdown on March 23.
These measures include removing unoccupied exclusions for policyholders forced to close their businesses, free liability insurance add-ons for businesses now offering takeaway services, and three-month policies for businesses uncertain about their future.
Further explaining these moves, Aqueous said it has removed certain unoccupied premises exclusions for businesses forced to temporarily close their doors to comply with government restrictions. They will now remain covered for claims including material damage, theft and escape of water, said Aqueous, noting that the removal of the exclusions is available to policyholders at no additional cost.
Aqueous will also be offering free employers, public and products liability insurance to any existing SME customers wanting to start providing takeaway food and drink delivery services. The move is in response to the switch by some restaurants and food outlets able to move from a dining in, to takeaway and delivery model, which is permitted under the rules of the lockdown.
(Editor’s note: The UK has taken a phased approach in its COVID-19 response. Although Prime Minister Boris Johnson announced the full lockdown on March 23, people were advised on March 16 to avoid all non-essential contact and unnecessary travel, which was followed by further advice on March 20, when all bars, pubs, cafes and restaurants were closed).
“It’s all too clear that sadly the liquidity and very existence of many UK SMEs in the hospitality and leisure sectors will come under tremendous pressure in the coming days and weeks as the government’s efforts to tackle the COVID-19 pandemic come into effect,” said Tom Hill, executive director at Aqueous.
“We hope that the measures we’re offering our brokers will help business owners in these industries in some small way as they try to weather the impact of this unprecedented event,” he continued.
Additionally, Aqueous is offering their brokers new and extended renewal terms to SME businesses in the hospitality and leisure industry. All annual renewals due in the next 90 days will be offered the option of a three-month policy as current economic uncertainty makes longer-term business decisions more difficult.
About Aqueous Underwriting
Aqueous Underwriting is an MGA that provides a range of professional indemnity and professional combined liability products to SMEs in the food, hospitality, leisure and hotel industries.
Aqueous Underwriting is a trading name of Aqueous Management Limited (AqML), an appointed representative of Ambant Underwriting Services Ltd., a firm authorized and regulated by the Financial Conduct Authority (FCA).
Source: Aqueous Underwriting
Photograph: A view of an empty Shaftesbury Avenue around what would normally be theater opening time in London’s West End on Saturday, March 21, 2020. Prime Minister Boris Johnson ordered public meeting places like theaters, pubs, and restaurants across the country to close in unprecedented measures to limit the spread of the coronavirus outbreak. Photo credit: Dominic Lipinski / PA via AP.
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