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A group representing insurance brokers has written to the regulator expressing its concern about the companies likely withdrawing coverage for properties due to the nationwide lockdown to contain the coronavirus.
Property insurance policies usually have a condition that says if an insured property remains unoccupied for a period exceeding 15 days or 30 days then the coverage ceases to exist unless the insurer’s consent is obtained in advance.
“Policyholders are concerned that since they are simply complying with the government imposed lockdown and not willfully keeping properties unoccupied, the withdrawal of cover or imposition of new onerous conditions and warranties
