Wednesday, August 5, 2020

Insurers are now paying for restaurant closures

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Allianz also intends to pay for the hotels and restaurants affected by closings through the corona pandemic in the case of existing business closure insurance.


(Photo: dpa)

Munich Hotels and restaurants closed due to the corona pandemic are now getting money from the insurance, at least in Bavaria. The Association of Bavarian Business (vbw) announced on Friday that several insurers were willing to pay ten to 15 percent of the agreed daily rates to the restaurateurs concerned, following an agreement with the Bavarian Minister of Economic Affairs, Hubert Aiwanger.

These include Allianz, the Versicherungskammer Bayern (VKB) and the liability insurance company specializing in gastronomy. Other insurers have signaled their support. The prerequisite is the existence of business closure insurance.

Allianz announced that it would apply the regulation to its customers across Germany. Half of the damage remaining after state aid is covered. This cost the insurers a triple-digit million amount.

The insurance industry had taken the position that the company closure insurance did not cover the consequences of the corona pandemic – partly because the virus was new and therefore not covered by the police, and partly because the reason for the closings was not a health risk that emanate from the restaurant itself.

In addition, the restaurants would not have to close completely, but could offer delivery or pick-up services. That had caused much displeasure among the financially insured.

More: The head of reinsurer Munich Re sees the corona crisis as an opportunity.

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