Hiscox Ltd sets aside another US$48mln after coronavirus business insurance judgement
Supreme court judge Lord Hamblen said the FCA had “substantially” won its case.
Source: proactiveinvestors.co.uk
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UK Supreme Court judgment on pandemic insurance payouts 'not a blank cheque' for art organisations
The National Gallery shut off and deserted during the UK's third national lockdown © Amer Ghazzal/Alamy Live News The UK Supreme Court's recent ruling that insurers should pay out for business interruption (BI) policies through the coronavirus pandemic is good news for the many galleries, museums and other businesses whose incomes have been devastated. The ruling offers clarification on such insurance claims but art organisations are still not out of the woods yet, and likely will still have to fight for a payout from their insurers. Last year following the outbreak of th...
Source: theartnewspaper.com
Hiscox response to Supreme Court Judgment
In order to achieve clarity for customers on the application of relevant policies as quickly as possible, Hiscox agreed in May 2020 to assist the Financial Conduct Authority (“FCA”) by participating in the Industry Test Case alongside seven other insurers.
Source: globalreinsurance.com