The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted policies and means that many thousands of policyholders will now have their claims for coronavirus-related business interruption losses paid. Please click below for the full article:
www.fca.org.uk/news/press-releases/supreme-court-judgment-business-interruption-insurance-test-case
The FCA has published draft guidance for policyholders on how to prove the presence of coronavirus, which is a condition in certain types of policy. The consultation closes on 18 January, but the FCA is extending the closing date to 22 January only for any supplemental comments arising from the judgment. The FCA will issue finalised guidance as soon as possible after that.
The FCA will continue to keep policyholders appraised of matters as they progress, through its dedicated webpage.
http://www.fca.org.uk/firms/business-interruption-insurance
If you have any questions about this judgement, or if your business is affected in any way, please contact the office on 01709 789350 and speak to your usual contact.
