Published:
3:14 PM January 15, 2021
The UK s highest court has ruled on a landmark £1.2 billion legal battle over businesses’ ability to claim on insurance for coronavirus-related disruption.
- Credit: PA
The Supreme Court has “substantially allowed” an appeal in a £1.2billion legal battle, allowing firms to claim on insurance for coronavirus-related disruption.
The Financial Conduct Authority (FCA) last year brought a test case, which could affect around 370,000 businesses, over the wording of business interruption insurance policies, which some insurers argued did not cover the Covid-19 pandemic.
The City watchdog previously said it was bringing the legal action following “widespread concern” over “the lack of clarity and certainty” for businesses seeking to cover substantial losses incurred by the pandemic and subsequent national lockdown.
Published:
3:14 PM January 15, 2021
The UK s highest court has ruled on a landmark £1.2 billion legal battle over businesses’ ability to claim on insurance for coronavirus-related disruption.
- Credit: PA
The Supreme Court has “substantially allowed” an appeal in a £1.2billion legal battle, allowing firms to claim on insurance for coronavirus-related disruption.
The Financial Conduct Authority (FCA) last year brought a test case, which could affect around 370,000 businesses, over the wording of business interruption insurance policies, which some insurers argued did not cover the Covid-19 pandemic.
The City watchdog previously said it was bringing the legal action following “widespread concern” over “the lack of clarity and certainty” for businesses seeking to cover substantial losses incurred by the pandemic and subsequent national lockdown.