Handed down on 15th September 2020, the ruling pertains to a test case orchestrated by the Financial Conduct Authority (FCA). The ruling can still be appealed, but if an appeal is filed, the process will be expedited in order to reach a resolution as quickly as possible. 

The FCA’s test case has helped clarify a number of key issues that policyholders may have had with their insurers, but it does not encompass all possible disputes. While the ruling may be a good sign for the hundreds of thousands of policyholders hoping to recoup some funds lost due to the coronavirus, it is important to understand that each individual case and policy will still need to be judged and analysed on its own merit. 

FCA Business Interruption Insurance web page

BIBA comment on FCA Test Case judgement 

ABI response to the business interruption insurance test case judgment 

CII calls for action to avoid future FCA test cases  

For more information on how the High Court’s ruling may affect your business interruption cover, contact one of our brokers today. If we take the time to work through risks and ensure that we have the right protection in place, then we can all put ourselves in the best possible position going forward. 

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