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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. ....
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Updated / Friday, 15 Jan 2021 11:43 The UK Supreme Court has ruled today that businesses should be insured for some losses due to Covid lockdowns Thousands of UK businesses should be covered by their insurance for losses caused by coronavirus lockdowns, the UK Supreme Court ruled today. The test case has pitched the industry regulator against major insurance companies. Small businesses, from restaurants to nightclubs and wedding planners, have said they faced ruin after attempts to claim compensation for business losses during the pandemic were rejected by insurers. Six of the world s largest commercial insurers - Hiscox, RSA, QBE, Argenta, Arch and MS Amlin - said many business interruption policies did not cover widespread disruption after Britain s first national lockdown last March. ....
Insurance Age Subscriptions Subscriptions The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled. The Supreme Court has ruled largely on the side of the Financial Conduct Authority (FCA) and policyholders, according to the judgment in the business interruption test case appeal published today (15 January). Both policyholders and insurers lodged appeals on certain aspects of the original judgment. The Supreme Court said in the judgment: “Although we have accepted some of the insurers’ arguments on their appeals, in no case has that affected the outcome of the appeal. It follows that the insurers’ appeals are dismissed.” ....
FBD shares drop following UK court ruling on Covid insurance Insurer facing higher payout in business interruption case taken by four publicans Fri, Jan 15, 2021, 12:14 Updated: Fri, Jan 15, 2021, 18:06
FBD Holdings shares fell in Dublin on Friday as the insurer faces a higher-than-expected financial hit over Covid-19 business interruption if the High Court takes a similar stance to a ruling in the UK on Friday, according to analysts. Small businesses, from restaurants to nightclubs and wedding planners to beauty parlours, on Friday won the right to insurance payouts in the UK after its supreme court ruled their policies should cover losses caused by coronavirus lockdowns. The UK Financial Conduct Authority (FCA) estimates that a combined £1.2 billion could now be paid out. ....