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Business owners and representatives here have welcomed a Supreme Court ruling that insurance companies must pay out to small traders for coronavirus-related disruption.
The Supreme Court ruled largely in favour of an appeal by the Financial Conduct Authority (FCA) following widespread concern over the lack of clarity and certainty for firms seeking to cover substantial losses incurred by the pandemic and first lockdown.
Retail NI chief executive Glyn Roberts said: This is a welcome ruling for local small businesses and independent retailers who felt that insurance companies were avoiding their responsibility to pay out on premiums. Insurance companies must now ensure that early payment is progressed to many thousands of struggling local businesses. Colin Neill, chief executive of Hospitality Ulster, said: The hospitality sector here needs every single bit of help to make sure that those who have made it this far don t go to the wall after weathering an extremely difficult