Cineworld will close its doors to the public tomorrow (Wednesday) until further notice in response to the coronavirus outbreak.
The Isle of Wight’s Cineworld complex is located in Newport.
Mooky Greidinger, Cineworld Group chief executive, has said:
“At Cineworld and Picturehouse we are committed to providing safe and healthy environments for our employees and guests and have therefore made the difficult decision to close our cinemas in UK and Ireland until further notice.
“We deeply value our cinema-loving customers and have no doubt we will be serving everyone again as soon as possible with a full slate of Hollywood blockbusters and the best of independent films and content.”
How sensible, cineworld are to be congratulated. It’s about time the government officially closed pubs, clubs, restaurants and theatres etc. so that these businesses can get insurance pay outs.
And how are the insurance companies going to survive?
Well sometimes, just sometimes, insurance companies have to pay out on something other than a chav smashing their broken big screen telly.
This is the nature of insurance. I’m sure many syndicates will bleat like stuck pigs but I doubt if they were whinging when their profit margins were high and dividends were paid out regularly.
Makes you wonder if this was the reason Boris didn’t make it an instruction yesterday. Tories protecting their own. Shock horror.
“And how are the insurance companies going to survive?”
1. they have enormously greater assets that local pubs, restaurants and theatres etc to call on to keep them afloat.
2. whilst they may have to pay out a bit, their income stream won’t dry up due to the governments ‘advice’, like it will for pubs, clubs, restaurants and theatres & their employees….
3. Insurance companies rarely, if ever loose in the long term,.. once this is past they’ll just up their premiums to make up for any losses.
However, following this; small businesses being able to afford insurance that will cover them for similar events will become a thing of the past.
It’s like flooding,… get flooded once, your insurance pays out,.. but the cost of renewal will skyrocket,.. get flooded a second time & you won’t be able to get isurace for flooding
Lets just hope that the powers that be, really do manage to get to grips with this & it doesn’t become an anually recurring problem. (unfortunately I’m not convinced they will 🙁 )
All of that said,… it seems Insurance companies are now claiming that most businesses “business interruption cover” won’t cover them anyway….
Quote: “Standard business interruption cover – the type the majority of businesses purchase – does not include forced closure by authorities as it is intended to respond to physical damage at the property which results in the business being unable to continue to trade.”
Be thankful that you aren’t one of the people who received their marching orders from Cineworld via text today. Yes, the businesses may get insurance payouts but those poor people who have lost their jobs are devastated tonight and wondering how they will feed themselves for the rest of the week.
Hope staff get paid. A lot of companies will not be opening up again.
They TEXTED staff with this news. It was bad enough that they were not even providing rubber gloves to employees required to clean up after the coughing hordes. Laying people off by text is absolutely scummy.