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Further FCA guidance published on business interruption insurance claims

We recently reported on a major Supreme Court decision concerning business interruption insurance claims, a decision that will mean tens of thousands of small businesses will receive crucial pay-outs from their insurers. The FCA has now published further guidance to aid businesses pursue these claims.

Supreme Court orders insurers to pay out for small business lockdown losses

The purpose of business interruption insurance (“BII”) as a risk management tool is to reduce the exposure of one’s business to the effects of particular risks. But how could the risk of disruption to small businesses of such an unprecedented magnitude as the coronavirus pandemic have been foreseen? It goes without saying that the lockdown […]

Judgment delivered in COVID-19 business interruption insurance test case

On 15 September 2020, the High Court in London handed down judgment in the test case brought by the Financial Conduct Authority seeking legal clarity on the meaning and effect of non-damage business interruption (BI) insurance policy wordings. What did the court decide? The court ruled that some of the sample policy wordings that it […]

Business Interruption Insurance – FCA test case likely to be heard in July

On 1 June 2020, the FCA published an update on its test case of the validity of business interruption claims in the light of the COVID-19 pandemic. The outcome of the test case is eagerly awaited by insurers and insureds alike with many small businesses that have had to close during the lockdown having already […]

Delayed business interruption insurance claim?

So, you are one of the many businesses that have submitted insurance claims recently for “business interruption” losses arising from the COVID-19 lockdown. There has been much speculation in the press about insurers, who face significant pay outs, failing to deal with these claims promptly.  Many claims have not yet been formally accepted and paid. […]

CMA launches investigation to help consumers facing refund problems

On 30 April 2020, the Competition and Markets Authority (CMA) announced that it is investigating complaints about traders’ cancellation and refund policies for services affected by the COVID-19 pandemic. The investigation will initially focus on the three sectors identified as a priority by the CMA’s COVID-19 taskforce: weddings and private events; holiday accommodation; and nurseries […]