GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Healthcare and Medicine

 
  Share
Dubai, United Arab Emirates, May 17, 2020:    Marsh, the world's leading insurance broker and risk adviser, has published a report on how to successfully manage and navigate insurance and risk management during these challenging times. The report reinforces Marsh's commitment to guiding and supporting the region's businesses through the adverse effects of the COVID-19 outbreak.
 
As uncertainty continues, businesses and economies worldwide are seeking ways to maintain  business growth and continuity to protect their employees and mitigate their financial losses. From an insurance perspective, the pandemic has impacted property, casualty, event cancellation, management liability, cyber and credit risk and in this report, Marsh highlights the ways in which businesses can proactively respond to the pandemic while continuing to prepare for future. 
Christos Adamantiadis, Marsh Middle East & Africa CEO, says: “In times of crisis we must support one another and ensure we work together to emerge stronger. Globally, all sectors are affected, which has led to many businesses facing interruptions and loss or damage, and in severe cases closure. It is essential to identify the worst-case disruption scenarios and implement effective business continuity plans. By communicating transparently with stakeholders on business priorities, resilience plans and work expectations, risks are reduced and mitigated more effectively.''
 
According to the report, the top 5 scenarios, issues insurance coverage may face as well as advice and solutions include:
• Property and Business Interruption: Businesses are experiencing shut downs, restrictions or a loss of total economic activity and insurers or policy makers may argue physical loss or damage must have occurred to be insured. Marsh recommends businesses review and revisit all policies and insurance that may impact business changes. 
 
• Workers Compensation and Employers Liability: If an employee claims to have been exposed to COVID-19 through work, Marsh encourages businesses to report the claim to third-party insurers, carry out a legal and timely investigation, and determine if the employee has been tested. 
• General Liability: Marsh recommends to businesses claiming damages of the virus to ensure it is classified as basic coverage as insurers may seek to argue claims of COVID-19 through defenses such as pollution exclusions, fungi/bacteria exclusions, intentional act exclusion and communicable disease inclusion. 
• Event Cancellation: Numerous events have been cancelled in an effort to flatten the curve and the spreading of the virus. The Marsh report strongly urges all businesses to consider support from event insurance claim specialists as well assess all potential factors such as financial, operational, and reputational consequences that may result of cancelling events.
• Directors and Officers Liability: Allegations of mistreatment related to the pandemic and its effect on the business may arise and could lead to exposure, bankruptcy or more. Marsh encourages businesses to be cautious and take what they perceive as necessary steps to uphold their safety, health and business continuity by potentially renewing their crisis policies. 
 
“Through this report we have addressed many insurance coverage and claim considerations for businesses facing the effects of COVID-19. We have also suggested ways in which organisations can evaluate their current risk status to ensure business resilience and success in times of uncertainty.  As a leading risk advisors, we are committed to helping other businesses overcome and manage the negative effects of the crisis and to mitigate risks by planning for future ones” added Adamantiadis.



Posted by : GoDubai Editorial Team
Viewed 2099 times
Posted on : Sunday, May 17, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Boosting Immunity While Fasting During Ramadan
Next Story : Hospital to Organize a Live Session on Managing Hypertension During Pandemic
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Lockdown Showdown: Jaguar I-pace Etrophy Series to Get Back on Track in Berlin i...
Three Eggs get Yemeni National a Guinness World Records Title
Omega's Antimagnetic Tourbillon Is a Watchmaking Breakthrough
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track
The new BMW M5 and BMW M5 Competition
Toric Tourbillon Slate
GROHE Smart Control Review
Twitter tests Tweeting with Voice
Saxo Bank Launches Loyalty Program for MENA Region Clients
Hyundai Motor and Sony Pictures Entertainment Announce Unique and Pioneering Mul...
American Aesthetic Medical Center Has Something in Store for the Esthetical Figu...
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension
Volvo Cars Chengdu Car Plant Powered by 100 Per Cent Renewable Electricity
Range Rover Marks 50 Years of All-terrain Innovation and Luxury With Exclusive N...
Under-12 and Over-60 Can Now Take Part in Sports Activities: Dubai Sports Council
Dabur Ensures Safety with Hand Sanitizers and Personal Protection Kits as UAE Es...
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here!
Handy Helper for Content Creators: The Compact A6100 Mirrorless Camera from Sony...
Pre-orders for Samsung's Galaxy S20+ 5G and Galaxy Buds+ BTS Edition now open in...
Experts Highlight need for Young Talent to Develop Skills for a Post-Covid-19 World
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and ...
GEMS Wellington Academy – Al Khail Improves Rating to 'Very Good' in KHDA DSIB 2...
Etihad Airways to Recommence Flights to Athens
Dubai Sees Pronounced Uptick in Demand for Retail Units
Book Building of Amlak International's IPO of 30% of Shares
Sanctuary for the Senses: All-New Lincoln Corsair Arrives with Whisper-Quiet, Co...
Essence Spring/Summer 2020 Collection
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats
Covid-19 Leads UAE Businesses to Adopt Upgraded Green Building Solutions
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers
Dubai Sports Council to Celebrate Dubai's COVID-19 Heroes Through Commemorative ...
Turkish Airlines Was the Busiest Operator in the Eurocontrol Area After Restarti...
Celebrate Father's Day With Parmigiani Fleurier Tondagraph Slate'
INFINITI of Arabian Automobiles presents Dubai Islamic Bank customers Super Sale...
Crude Oil Headwinds on Virus and Technicals
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Ma...
Canadian University Dubai Receives Prestigious Certification in Education for Pu...
Report Reveals the Six Fintech Innovations That Will Boost the ‘Financial Health...
Serco Middle East Appoints New Managing Director for Dubai Metro and Dubai Tram
Big Bang Integral King Gold
Pan Emirates Unveils Exclusive New Collection
Digital Vision Technology Signals On-Track Success for Panasonic Jaguar Racing
Schneider Electric Extends Strategic Partnerships with AVEVA, Lenovo and Stratus...
Celebrate World Music Day with HONOR Magic Earbuds
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 2...
New Bentayga to Launch Beyond100
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Securit...
Celebrate Summer Safely with the New, Shopping Normal at BurJuman
Registration open for Dubai Watersports Summer Week