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Thousands of hospitality operators have been thrown a lifeline after the Supreme Court ruled in favour of policyholders in a landmark business interruption insurance case.
In a judgement handed down today the court substantially allowed an appeal by the Financial Conduct Authority (FCA) and the Hiscox Action Group.
It means many thousands of policyholders will now have their claims for coronavirus-related business interruption losses paid.
Insurers Arch, Argenta, Hiscox, MS Amlin, QBE and RSA had their appeals dismissed.
Many insurance companies declined to pay out following the enforced closure of hospitality businesses last March, arguing that business interruption policies did not cover a government-imposed lockdown.
The Supreme Court says it “substantially allows” the appeal by the Financial Conduct Authority (FCA) and hospitality campaign groups in what’s being hailed as a landmark case in the fight to get insurers to pay out for business interruption.
The decision will result in payouts for many hospitality businesses and is based on a four-day hearing that saw insurers Argenta, Arch Insurance, Hiscox, MS Amlin, RSA, QBE UK and policyholder action groups Hiscox Action Group and Hospitality Insurance Group Action join the FCA in seeking clarity on whether specific policy wordings cover business interruption caused by the first Covid-19 lockdown.