The impact of strikes on insurance policies
There is not a week that doesn’t go by without strikes featuring as headline news. But as strikes occur across the UK, affecting several industries, what is the impact of strikes on insurance policies? Mann Broadbent who are sports, dance and leisure insurance brokers with over 60 years’ experience in insurance events are well placed to reflect on how current strikes are impacting the industry.
A coordinated strike is designed to create disruption, to raise awareness of the cause and can inevitably this can spill over into protests and even violence. Some insurance companies have responded to the escalation in industrial action across the UK by limiting or removing cover on new policies for Strikes, Riots, Civil Commotion and Labour Disputes. As sports and leisure events have only recently reached pre pandemic levels, the risk of strikes is set to impact insurance policies, particularly when it comes to event cancellation insurance.
Duncan Sutcliffe, Managing Director at Sutcliffe Insurance Brokers explains, “At the moment the policies that are affected are mostly for the events sector, such as event cancellation insurance. Underwriters are warning of wider issues with an increased risk of disruption and damage due to industrial disputes and wider civil unrest connected to cost of living and political turbulence.”
Duncan adds, “Buildings and contents policies are mostly unaffected at this stage but insurers are keeping a wary eye on the situation and warning policyholders to take steps to reduce risks and improve security.”
As further strikes are planned for the coming weeks policyholders should take steps to ensure their sports events, clubs, staff and customers are kept safe. Please contact the Mann Broadbent Team on 01905 612336 or email firstname.lastname@example.org for further information.