Page 4 - John Berrill News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Australian businesses fight insurance industry for payouts over coronavirus revenue losses TueTuesday 15 Detlef Haupt in his Sydney cafe. ( Share Print text only Cancel Detlef Haupt survived a near-knockout blow when the COVID-19 economic crash drained his cafe of customers and put the future of his 15-year-old business on the line. Key points: Australians are battling insurers to claim pay-outs they say they are entitled to as a result of lost revenue due to COVID-19 Some insurers are relying on fine print in policies that reference legislation that no longer exists The insurance industry h...

However, he noted, there were some areas that needed addressing as some products limited the liability for the insurers by applying very restrictive activities of daily living tests meaning “the ability to claim is narrowed significantly and there are some products where premiums are high because the risks for claim and the client experience is poor”.  “These need addressing and they were spelled out in the Royal Commission in which Hayne put down when he recommended there be a review of investigation into whether universal terms and conditions could be put in place,” Berrill said. ...