Companies may face business ramifications or be forced to shut down entirely due to the health problems and restrictions caused by the coronavirus. In addition, many have switched to working remotely from home, leading to questions over statutory workers' compensation insurance.
This page lists which losses caused by the coronavirus are covered by different corporate insurance policies and which are not covered. For detailed information on the terms for insurance cover, consult the insurance terms and conditions and your company’s policy document for the respective policy and the insurance contract. To view the documents, log in to the op.fi service.
Be sure to also read our answers to frequently asked questions on op.fi.
1. Property and general liability insurance
Normally, business interruption caused by the coronavirus can be compensated only from insurance cover against business interruption due to contagious disease.
The most common types of insurance provided by Pohjola Insurance that may include cover against interruption due to contagious disease include:
- Special Corporate Insurance (YH15)
- Extended Business Interruption Insurance and Business Interruption Insurance (KE03 and KE07)
Special Corporate Insurance (YH15) and Extended Business Interruption Insurance (KE03 and KE07) automatically include cover against interruption due to contagious disease. In Business Interruption Insurance (KE03), cover against interruption due to contagious disease is an optional supplementary cover.
Requirements for entitlement to compensation
Entitlement to compensation from contagious disease cover under said types of insurance requires that the loss or damage arises from:
- a mandatory order issued by Finnish authorities during the insurance period to combat contagious or animal diseases, issued on the basis of
- Communicable Diseases Act, Animal Diseases Act or Food Act, and that
- the measures arising from said order are directly related to the insured business.
All of the abovementioned requirements must be fulfilled simultaneously.
You can check from the authority’s regulation under which Act it has been issued. All written regulations issued by authorities include the legal provision under which the regulation has been issued.
Example of an official regulation that directly concerns a specific business, in accordance with the insurance terms and conditions: The authorities order a specific business premise to be closed down or prohibit a planned event from taking place under the Communicable Diseases Act, in order to prevent the spread of a virus.
The Finnish authority issuing the order may be a Regional State Administrative Agency, for example.
Article updated on 8th April 2020.