Lloyd's coverholder Aqueous launches new measures for UK SMEs facing COVID closure

MGA and Lloyd's coverholder Aqueous Underwriting has launched several new measures designed to help the food, hospitality and leisure sectors facing the impact of COVID-19 closures.

The company has removed certain exclusions and added additional coverage for policyholders forced to close their businesses to comply with Government restrictions to try to stop the spread of coronavirus.

Aqueous has removed certain unoccupied premises exclusions for businesses forced to temporarily close their doors. These businesses will now remain covered for claims including material damage, theft and escape of water.

The company will also offer free employers, public and products liability insurance to any existing SME customers wanting to start providing takeaway food and drink delivery services. The move is in response to the expected switch by those restaurants and food outlets able to move from a dining in, to takeaway and delivery model.

Additionally, Aqueous will offer their brokers new and extended renewal terms to SME businesses in the hospitality and leisure industry. All annual renewals due in the next 90 days will be offered the option of a 3-month policy as current economic uncertainty makes longer-term business decisions more difficult.

Tom Hill, executive director at Aqueous, said: “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. 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.”