International risk team: To repair or not to repair
A universal truth for businesses in the grip of the current global pandemic is that “Cash is King”.
When property gets damaged, it is normally repaired on a “like for like” basis, and the indemnity payable under an insurance policy is the cost of that repair. However, repairs and insurance claims, particularly in the energy sector, can take years to resolve and the values at stake can be millions or billions of dollars.
The Coronavirus pandemic will only exacerbate matters; supply chain issues and labour restrictions will prolong repairs and make them more expensive.
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