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Positive news for SMEs who could gain thousands in pandemic pay-outs Date published: 28 January 2021
Usman Anwar of Pearson Solicitors and Financial Advisors
SMEs impacted by the Coronavirus pandemic now have an insurance lifeline thanks to a recent Supreme Court decision which could see a surge in pay-outs and may keep some businesses afloat.
The Financial Conduct Authority brought the test case against big name insurers to seek clarity on the interpretation of business interruption insurance (BI) policies. It is thought up to 370,000 policy holders could be affected.
Many business insurance policies have a BI clause relating to an outbreak of an ‘infectious or notifiable disease’ or ‘denial of access’ to business premises following public authority action in an emergency.