INSURANCE COMPANIES DEDUSTING GRANTS, FURLOUGH AND BUSINESS RATES HOLIDAYS
PASC UK instigated launched and paid for the lobbying campaign called #Justpayit This campaign set out to highlight the unfair behaviour of some of our major insurance companies.
Businesses like ours have been allocated payments from the Government’s Small Business Grant Fund to help us survive COVID-19. Many of us are unable to to open at full capacity. The grants give us a desperately needed lifeline. The insurance companies wantes to deduct these grants from any payout they make against our business interruption policies, using taxpayers money to support profits. Late in 2020 we manged to secure correspondence from both the Treasury and the FCA stopping insurers deducting these grants.
Sadly, we are now hearing that the same insurers are trying to deduct Furlough payments and Business Rates Holidays from Business Interruption Claims. This is highly immoral. We are currently lobbying for this practice top cease and will keep Members up to date through the Newsletters.