by Willem De Bock
Which insurances provide you with cover in times of corona?
In recent days, the government has already taken a great deal of drastic measures to contain the spread of the virus as quickly as possible. Employers are also doing everything possible to protect their employees as best they can. But what if you, as the employer, personally become ill, or what if you are placed in quarantine? And what if you have to halt your salary temporarily?
Hospitalisation insurance
Anyone who is hospitalised in a Belgian hospital as a result of being infected with coronavirus, can count on cover under the hospitalisation insurance. Cover for anyone who is hospitalised whilst abroad, will depend on the general terms and conditions of the insurance. There are, for instance, hospitalisation insurances that offer cover in Europe, or even globally, whilst other hospitalisation insurances only apply to admissions in Belgium. If you are admitted to hospital whilst abroad, it is worth contacting your broker.
Life insurance
If the life insurance includes cover for death, that cover will also apply for someone who dies as a result of a coronavirus infection. This applies to life insurance and group insurance, individual pension commitment contracts, etc., which incorporate cover for death. Have you visited a country you were advised against travelling to? If so, the cover will (usually) be invalid.
Guaranteed income and turnover insurance
The guaranteed income and turnover insurance are insurances that provide cover when you, as an employer, personally become occupationally incapacitated as a result of an illness or accident.
If, for example, you become ill as a result of coronavirus and you are unable to work, the guaranteed income will take effect. However, an 'excess period' will always apply in these cases. This means that the benefit will only be paid when the occupational incapacity exceeds the excess period in the contract. That term could be, for example, 30 days.
If you are placed in quarantine, or if you are abroad and unable to return home, and there is no sign of illness, this is not occupational incapacity. In this case, a benefit would not be paid under the guaranteed income insurance. In addition, in the event of loss of turnover as a result of a lockdown or quarantine, no cover is provided by the insurer.
If you stop taking a salary for a certain period of time, it is best to contact your broker as soon as possible; you can then decide together which contracts have to be amended.
If you would like to find out whether you are properly insured, or if you would like to go through your current insurances with us, please contact your account manager or contact us at corona@vdl.be.
Willem De Bock
Business Manager Risk Management willem.debock@vdl.be
Disclaimer
In our opinions, we rely on current legislation, interpretations and legal doctrine. This does not prevent the administration from disputing them or from changing existing interpretations.
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