A friend who worked with me had a small trading company and insured himself against a large sum of money borrowed from American Express. The deal fell through as his customer went out of business and he was left owing the money for the purchase of goods to the value of £130 000 (the sum he insured himself for). The Insurance Company walked away from it saying that it was a business deal and not a private deal, so therefore he was not covered, but they accepted his monthly payments with no problems.Unfortunately Bankruptcy was the only real option for him, but the case goes on.
As for me I was done out of £650 due to the day before my policy was due for payment ,the market dipped and due to small print they (AVIVA) could justify my reduction.Going to the Ombudsman was a waste of time because of the small print clause.
I have always had problems with Insurance companies their trickery needs sorting.
Al