The Insurance Council of Australia (ICA) and the National Insurance Brokers Association (NIBA) have announced that small businesses in the country can lodge a business interruption (BI) claim at any time, and insurers will respond to those customers on a case-by case basis.

The ICA and its members, in consultation with the National Insurance Brokers Association, have worked together to prepare a list that provides a general outline of the documents and information required to submit a BI claim.

NIBA CEO Dallas Booth has said, "NIBA has been working with the ICA Business Interruption Working Party to prepare a list which provides a general outline of the documents and information required to submit a COVID-19 related BI claim. This list is for guidance only as each claim will be different and each insurer may require additional material. However, by preparing the material detailed in this list, the insurer will be able to assess your claim more efficiently."

Both the peak bodies agreed that although the unprecedented impact of the COVID-19 pandemic has created the need for court determinations on key aspects of business interruption (BI) cover, there is nothing preventing policyholders from lodging claims with their insurer at any time.

Learn more about the process here.

Article source from NIBA and the Insurance Council of Australia.