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Business Interruption Insurance
The COVID-19 pandemic has created disarray across a number of industries, companies who had paid under policies of insurance turned to their policies for cover during this time.
The insurance industry sought to avoid claims on policies industry-wide, leading to legal action being brought by the FCA.
The High Court handed down judgment on Sept 15th 2020 in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers.
The judgment provides highly-anticipated guidance on the proper operation of cover under certain non-damage business interruption insurance.
While different conclusions were reached in respect of each wording, the judgment is welcome news for a significant number of the thousands of policyholders impacted by COVID-related business interruption losses.
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Please do not hesitate to contact me if you wish to discuss your cover, your business and how we may be able to assist in making a claim on your behalf.
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As a regular media contributor Michael is called on by journalists and commentators to provide expert insight on the latest cases and developments in financial services and regulated industries.
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Business Interruption Judgment
While no business owner could have predicted the outbreak of coronavirus, many felt secure in the knowledge that they had invested in Business Interruption Insurance that would surely pay out in the face of such a crisis. However, in many cases claims have been denied in the first instance by insurers, serving a devastating blow to businesses.
Today’s news that the Supreme Court has found in favour of businesses who have been denied payouts, and against the arguments of the six major insurers will signify a lifeline for many businesses.
However, the Judgment doesn’t mean that all Business Interruption Claims are clear-cut, each Business Interruption Policy is unique and complicated, with claims resting on specific issues. While today’s Judgment provides clarity on the opportunities available, businesses would be best advised to get their specific policy reviewed so that they can receive legal advice on the status of their position.
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