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MGA aims to boost hospitality sector amid coronavirus outbreak

MGA aims to boost hospitality sector amid coronavirus outbreak | Insurance Business

MGA aims to boost hospitality sector amid coronavirus outbreak

Are you missing being able to go down to your local for a quick after-work pint, yet? Or are you longing to take your loved one out for a romantic meal at an attractive restaurant, or maybe just stop by a coffee shop on your way to work?

Our lives have certainly changed since the onset of the coronavirus, but while we might be missing some of life’s little pleasures, spare a thought for those directly impacted – the pubs, the restaurants, the coffee shops and indeed those across the hospitality and leisure sectors, that have been hit by enforced closures and the loss of our business.

Now, one insurance MGA is hoping to help them turn the tide with a host of measures. Aqueous Underwriting has announced that, from today (April 03), it is removing certain unoccupied premises exclusions for businesses that are temporarily closed due to Government restrictions, ensuring they remain covered for the likes of theft and escape of water. This move has been taken at no extra cost.

In addition, it will offer free employers, public and products liability insurance to any SME customers that want to start to provide food and drink delivery services, or takeaway offerings. This option is open to restaurants and pubs immediately as part of the emergency measures outlined by the Government.

The firm’s executive director Tom Hill believes the steps are the right thing to do at this time of unprecedented uncertainty.

“It’s all too clear that sadly the liquidity and very existence of many UK SMEs in the hospitality and leisure sectors will come under tremendous pressure in the coming days and weeks as the Government’s efforts to tackle the COVID-19 pandemic come into effect,” he said. “We hope that the measures we’re offering our brokers will help business owners in these industries in some small way as they try to weather the impact of this unprecedented event.”

In addition, the MGA is offering its brokers new and extended renewal terms to SME businesses within the sector – all annual renewals due in the next 90 days will have the option of a three-month policy.