COVID business interruption insurance update 2
Legal Action Over Business Interruption Insurance Cover for Covid-19 - Update Two.
The supreme court will today (16 November) begin hearing the appeals of some of the insurers involved in the FCA test case about cover for Covid 19 under business interruption policies.
In litigation timescales this case has progressed amazingly rapidly. Which, of course, it needs to as it is estimated to affect 370,000 mainly small businesses & potential payouts of £1.2 billion.
The appeal is expected to last 4 days and will be the final stage of the substantive claim. After this declarations are expected to be made which should bring clarity to which policies will have to payout out for lost income during the pandemic & in what circumstances. We will of course be reporting on the outcome & what it is likely to mean for policyholders.