COVID-19 has transformed the way we work with many having managed the transition to new working arrangements, which include working remotely from home. Hackers exploit large scale events such as COVID-19. They look for all kinds of ways to access employee credentials and data. Once they have access to computer systems, they will cause havoc, both in downtime and expense (extortion and ongoing money transfers).
Please see more on cyber risk implications from COVID-19 here.
Please read the latest alert from central government here.
Aon’s specialist construction team release timely, informative updates via their e-newsletter Know the Drill which contains everything the construction industry needs to know about insurance, risk and COVID-19. Subscribe to Know the Drill here.
Organisations with a comprehensive employee benefits program can be well positioned to support and protect their employees during this complex time. Many of the typical employee benefits in New Zealand can provide valuable support to your employees and are likely to apply during the COVID-19 outbreak. Please read more on how an organisation’s response to COVID-19 could be found in an Employee Benefits program here.
If you are experiencing financial hardship and are reviewing your personal insurance requirements we encourage you to talk to your broker to discuss what options are available. Options to reduce your insurance premium may include reviewing your sum insured and level of cover or you may be able to apply a higher voluntary excess which may reduce premiums. We can also discuss various payment options with you. Please contact your Aon insurance broker to discuss your individual insurance needs today.
At present all credit insurers are expecting a sharp increase in overdues, repayment plans and claims in the coming months due to many businesses faced with unprecedented supply chain disruption, business closure and reduced demand stemming from COVID-19. Consequently, most insurers will be reviewing buyer limits in industries directly impacted by COVID-19 - e.g. airlines, transport, travel, retail, fuel, construction, education, mining etc to name a few. This will affect domestic and export trade.
We remind clients that full compliance with the policy terms is becoming ever more important.
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Ensure that you have a credit limit on your customer
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Notify Aon of any overdue customer payments that are in breach of your policy terms
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Seek insurer confirmation for extension of due dates, payment holidays or payment plans that have been requested from a customer
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Seek insurer agreement if you have been asked to grant payment terms beyond the policy Maximum Terms of Payment
Please click here to read an overview from Aon Trade Credit outlining the impact on the credit insurance market.
Please read more on the COVID-19 impact on trade here.
The most direct impact is on travel insurance with all providers issuing policy notices and endorsements that remove or restrict cover for COVID-19 related claims.
There are individual insurer restrictions so please ensure you contact your Aon broker with any questions.
In many cases policy exclusions for events relating to infectious or contagious disease may apply meaning that cover is not available. Please contact your Aon broker who can review and advise based on your individual situation.
Talk to your local Aon Insurance Broker