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BREAKING NEWS - Business interruption insurance and Coronavirus

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UKinsuranceNET as part of the PIB group welcomes the Supreme Court judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case bringing clarity to thousands of commercial policyholders in respect of their Business Interruption claims.

Background: Many policyholders whose businesses were affected by the Coronavirus pandemic suffered significant losses, resulting in large numbers of claims under business interruption (BI) policies. The FCA’s aim in bringing the test case was to urgently clarify key issues of contractual uncertainty for as many policyholders and insurers as possible.

The implications for individual policyholders are now the subject of our immediate attention and we will be communicating more fully with those of our policyholders who have been impacted as soon as is practical.

You can read more on the FCA website here:  https://www.fca.org.uk/news/press-releases/supreme-court-judgment-business-interruption-insurance-test-case