ACE Advocates | Business consultant

ACE Advocates

Phone: +61 3 8743 3054

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25.01.2022 Why have less than 1% of business owners submitted claims for business interruption due to COVID-19? The Mornington Peninsula Shire Economic Development is supporting businesses affected by COVID-19 and they have commissioned ACE Advocates to run a workshop for businesses that may be able to submit a claim for business interruption. The workshop was scheduled to be run at a local venue but due to the current lockdown restrictions it is now being conducted via Zoom on Tuesday ...5 October 6-8pm. The workshop is for non-essential business owners that have suffered a financial loss due to government restrictions as a consequence of the COVID-19 pandemic. Your business may be able to submit a claim if you own a café, restaurant, winery, yoga studio, trampoline park, escape room, beauty clinic, school camp, night club, cinema, conference centre or tattoo studio. You will need to have a policy that includes business interruption with a coverage date that includes 23 March 2020. Consider the following numbers: $2,000,000,000 has been provisioned by Australian Insurers for business interruption claims 330,000 businesses have business interruption insurance 3000 business have submitted a claim 270 complaints have been lodged with the Australian Financial Complaints Authority (AFCA) 135 is the number of complaints that our firm has submitted $20 the cost to attend a workshop that will discuss whether your business can make a claim for business interruption 2 hours is the duration of the workshop https://www.mpbusiness.com.au//business-interruption-due-/

22.01.2022 Looks like the long wait for the second test case to begin has been extended by a week. https://www.insurancenews.com.au//ica-business-interruptio

22.01.2022 It is clear that the Insurance Council of Australia would like to appeal the result of the recent Test Case in the Supreme Court. However parties wishing to appeal from a judgment of the Federal Court to the High Court of Australia are required to file a special leave application with the High Court. Next week we should find out whether or not their application will be granted or dismissed. https://www.lawyersweekly.com.au//30064-insurers-dealt-blo

21.01.2022 Given that there will probably be two more court cases in 2021 it could be 12 months before insurance companies pay claims related to business interruption. At least they are putting significant provisions aside. https://www.afr.com//iag-primes-investors-for-1-15b-hit-to

20.01.2022 Put this date in your diaries - 25 June 2021 https://www.insurancenews.com.au//high-court-date-set-for-

20.01.2022 Answers to most of your questions about about the first and second test cases can be found here: https://insurancecouncil.com.au/issues-in-fo/bi-test-cases/

19.01.2022 Small businesses affected by COVID-19 restaurants, gyms, beauty clinics etc Consider the following All of the major insurers have set aside hundreds of millions of dollars to pay for business interruption claims arising from COVID-19. None of the Australian insurers have yet to pay policy holders as there are two pending court cases scheduled for later this year.... Many business owners in the UK have been successful with their claims. Only 1% of eligible policy holders in Australia are likely to submit claims (according to research conducted on behalf of one of the insurers) Most business owners think it is impossible to make a claim for business interruption due to COVID-19 but it many cases this is simply not true. How can we help? We can review your policy for free. Some policies have wording that allows for a claim to be made. There are more than 300 different policy wordings in the Australian market so we need to review the wording to see whether a claim can be made. We can prepare and manage your claim at no cost to you. When the claim is declined, we continue to progress the claim through the Insurer’s internal disputes resolution team and then we progress the claim to AFCA (Australian Financial Complaints Authority). What do you need? Your business needs a policy with coverage for business interruption. Your policy needs to show coverage for 23 March 2020. Why should you get in contact? Our goal is to make the insurance claims process as easy as possible. It will take less than an hour of your time and the average claim for a Melbourne based business is in excess of $100,000. We have submitted claims with all the major insurers including QBE, Allianz, Vero, AIG, Hollard and Lloyds We have three pricing options, including a ‘no win no fee’ option so we only get paid if we are successful in getting a payout for you.

19.01.2022 According to this article, 163 complaints have been lodged with AFCA for business interruption claims (and ACE has submitted a significant number of these). It's not many when you consider that 250,000 businesses have been impacted. https://www.theage.com.au//billions-of-dollars-in-covid-19

18.01.2022 The Supreme Court ruling was very good for policy holders so if your business was forced to close due to COVID-19 and you have business insurance, then contact us for a free review of your policy. https://www.theage.com.au//insurers-brace-for-billions-of-

17.01.2022 The first few days of the Second Test Case have been fascinating. Some very interesting arguments have been presented and argued by both sides. Nothing yet has changed our view that indemnity should be provided for Victorian based gyms required to close due to the Non-Essential Business Closure directions that were issued by the State government. However there is still a long way to go.

12.01.2022 As expected, the Insurance Council of Australia would like to challenge the findings from the Test Case last month in the High Court. https://www.afr.com//insurers-to-fight-business-interrupti

11.01.2022 In case you are wondering about what is happening with business interruption claims, here are two options: Option 1: Read the attached summary from the Insurance Council of Australia Option 2: Call or email ACE Advocates with any questions that you might have https://insurancecouncil.com.au/issues-submiss/bi-test-case

10.01.2022 The Second Test case is scheduled to conclude tomorrow. It has been truly fascinating and the barristers on both sides have done an amazing job. An update and summary will be provided to our clients later in the week.

08.01.2022 If you are wondering if your business may be able to make a claim for business interruption due to COVID-19, you should consider attending this workshop https://www.mpbusiness.com.au//business-interruption-due-/

08.01.2022 This is great news for policy holders!!! https://www.insurancebusinessmag.com//high-court-blocks-bi

07.01.2022 The Insurance Council of Australia would like to appeal the decision from the Supreme Court but first they have to be granted leave to appeal. It looks like they will have their day in court in February or March 2021. If their application is dismissed then the judgement from the Test case will stand. If their application is granted then the appeal will most likely commence in the second half of 2021. https://www.insurancebusinessmag.com//industry-could-face-

07.01.2022 If you are wondering whether or not your business should pursue a claim for business interruption due to COVID-19 then read this article. https://insurancecouncil.com.au//bi-customers-should-subm/

05.01.2022 The proceedings in the second test case can be accessed here: https://epiq-playlist.events.corrivium.live/BITestCase

02.01.2022 Here is an excellent article about the second test case (and not just because ACE Advocates gets a mention). https://www.afr.com//insurers-set-for-covid-claims-appeal-