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Following on from the Supreme Court decision on 15 January 2021
relating to the Financial Conduct Authority s (FCA) test
case brought to clarify the implication of business interruption
clauses in the current coronavirus pandemic for both policyholders
and insurers. The judgment largely supported policyholders
many of whom will now be able to rely on their commercial insurance
policies.
In order to further outline the FCA s expectations a Dear
CEO letter has been sent to the entire insurance industry sector by
Sheldon Mills, executive director of the FCA. In the
In a recent opinion, the UK Supreme Court has found coverage for business interruption as a result of business closures incident to the Covid-19 pandemic. While some may see that.
To print this article, all you need is to be registered or login on Mondaq.com.
In a recent opinion, the UK Supreme Court has found coverage for
business interruption as a result of business closures incident to
the Covid-19 pandemic. While some may see that decision as support
for coverage suits in the United States, the decision is a reminder
why policy language is so important.
The UK Financial Conduct Authority ( FCA ) was
established on April 1, 2013 and is the conduct regulator for
nearly 60,000 financial services firms and financial markets in the
UK. The FCA brought a test case suing eight insurers with 21 policy
Mr Griffin, who now lives in Gosford, near Sydney, Australia, had been working at the Hilton hotel in Amsterdam at the time, but said the “opportunity was too good to turn down” and arrived in Nelson’s county in the autumn of 1967.
He said: “All I knew of Norwich at the time was that my father had told me it had a spectacular cathedral, and also my grandmother had worked alongside the nurse Edith Cavell in London–but that was it.
“At the time, the main hotel competition was the Maid’s Head and the Royal.
The Buttery inside the Castle Hotel, Norwich
Wednesday, January 20, 2021
FCA“) test case on non-physical damage business interruption (“
BI”) insurance has been the focal point for policyholders suffering from BI financial losses as a result of Covid-19.
The Supreme Court’s decision last Friday dismissed all of the insurers’ appeals, meaning tens of thousands of businesses will receive an insurance pay out to cover losses occurring during the UK’s first lockdown. The Court’s decision will affect around 60 insurers and 370,000 policyholders.
When this test case was brought by the FCA in 2020, many insurers had refused to pay out under the policies, arguing only the most specialist policies had cover for such unprecedented restrictions. The Supreme Court examined each of the disease clauses, prevention of access clauses and hybrid clauses in the context of the national lockdown measures.