The exchanges are going crazy because of the coronavirus. What now?
In Coronavirus What Investors, Travelers, Employees and Entrepreneurs Should Know Now. Anyone who also invests in stocks, funds or ETFs in their long-term asset accumulation should not be guided by emotional, short-term decisions, but should reflect on their planned investment horizon. The stock exchanges often react to unexpected events with large price fluctuations. Private investors who, for example, regularly invest with a savings plan could even benefit from short-term price drops in the medium to long term because they are currently buying more at lower prices. Actively managed funds offer the advantage that investment professionals can keep an eye on current developments and react accordingly.
I have booked a trip to a country affected by the coronavirus. Can I cancel?
If you want to cancel your vacation for fear of being infected with the coronavirus, you have to expect to be left with at least part of your costs. Important: First of all, talk to the provider. Many respond accommodatingly and make rebooking possible, for example. In most cases, however, cancellation fees will apply, regardless of whether it is a package tour, flight, train or hotel. Anyone who has booked their trip individually does not enjoy any superior protection. Here you depend on the goodwill of airlines and hotel operators. The amount of the cancellation fee depends on the booking conditions.
Does my cancellation insurance pay?
In principle, the risk of infection with the coronavirus is not covered by travel cancellation or travel interruption insurance. Even if the customer has booked a trip to a crisis area for which there is an official travel warning, there is no insurance cover, and no cancellation costs will be reimbursed. Insured reasons for withdrawal, on the other hand, are serious illness, accident injury or pregnancy.
I have booked a trip – and would like to take it too. But my airline cancelled the flight? What now?
According to the consumer advice centres, it is currently difficult to assess whether the traveller is entitled to additional compensation payments under the Passenger Rights Ordinance when the flight is cancelled. If the airline informs you of the cancellation of your flight more than 14 days before the departure date, you are usually not entitled to such a compensation payment.
Whether the airlines have to pay compensation in the current Corona crisis depends on whether they can invoke “force majeure”. Airlines are not liable if they can prove that they were not responsible for the cancellation. This is the case, for example, in the event of take-off bans, air traffic controllers’ strike or bad weather. However, it is currently questionable whether the Corona crisis is also included. If not, the airline would have to reimburse the traveller for financial damage caused by the flight cancellation. For example, cancellation fees for hotels, rental cars and booked excursions or concert tickets that expire. According to the consumer advice centres, travellers must allow compensation payments made by the airline to be offset against possible claims for damages.
TRY TO CHANGE YOUR BOOKING
Anyone who gets the message that a flight has been cancelled should contact their airline immediately. Perhaps it is possible to rebook to another flight free of charge, also with another airline or an alternative journey by train? Then the holiday does not entirely fall into the water. If that is not possible, you should contact the hotel and rental car provider immediately to keep the cancellation fees fixer. Collect and document all costs incurred to claim appropriate compensation from the airline.
Due to suspected coronavirus, my children’s kindergarten or school closes for two weeks. Can I stay at home, then?
If the child is ill, it is possible for a short time to care for the child at home. This entitlement is limited to 10 working days per child and parent (single parents 20 working days). If the child is healthy and kindergartens and schools are closed, no parent can stay at home for a short time, provided that no alternative care option is available. In both cases, the employer must be informed immediately. It should be clarified whether home office, reducing overtime or unpaid vacation can be used for this time.
What insurance does the company provide if entrepreneurs have to close their business due to quarantine temporarily?
Official quarantine measures or orders that are explicitly issued against the insured person or the company itself in the event of an epidemic or epidemic are deemed insured events. On the other hand, if the government quarantines a particular region, as is the case in Italy, for example, and the company is located in that region, there is no insured event.
PRACTICE FAILURE INSURANCE
The practice failure insurance offers insurance protection for doctors and specific freelancers such as lawyers or physiotherapists if they have to interrupt their business activities due to quarantine. The insurance covers the fixed operating costs for a period of usually one year.
BUSINESS CLOSURE INSURANCE
This type of insurance pays the event of interruption damage if the company is closed as a result of a reportable epidemic. The duration of the benefit, as well as the amount, depends on the respective tariff or the individual agreement.
IMPORTANT TO KNOW: With existing contracts, companies may refuse coverage for insurance claims caused by the coronavirus. That is because some companies have finally listed notifiable diseases in the terms and conditions, and the new virus is not insured because a notification requirement was only subsequently issued.
PROPERTY BUSINESS INTERRUPTION INSURANCE
There is no insurance coverage through this insurance because the virus is an epidemic and does not pose a property hazard such as fire or tap water.