The Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case
On 15th January the Supreme Court 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. Click below to read the full article…
The above news may be welcoming to some policyholders, however, the majority of UK businesses will still find that their business interruption cover will still not provide cover. The above court case only applies to certain policies which in most cases inadvertently included an element of cover. It is likely that affected policyholders will have already had contact from their insurer.
Lloyd Bolam will continue to monitor the situation as more information on the judgement becomes clear.
If you have any questions about this judgement, or if your business is affected in any way, please contact the office and speak to your usual contact.