Aviva to double automatic business interruption indemnity period to 24 months
Aviva is set to double its automatic business interruption indemnity period to 24 months, in what it claims is a UK market first to tackle underinsurance, Insurance Age can reveal.
The updated offering to new business and renewals will only be available initially on Aviva’s FastTrade platform. The enhancement will be applied to commercial combined, office and surgery, and property owners’ policies.
The sum insured will be proportionately increased to match the extended cover, Dave Martin, MD for UK commercial lines and chief distribution officer, explained.
Martin told Insurance Age the move will make the product “substantively different” to those in the market.
He noted:
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