17
September
2020
The FCA has published the judgment in its test case concerning business interruption insurance which was handed down by the High Court, earlier this week. They have also issued a press release on the judgment where The Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. The judgment is complex and runs to over 150 pages and the FCA’s legal team at Herbert Smith Freehills have published a summary on their website. A hearing will shortly be fixed with the High Court, where any applications for appeal will likely be made. Every policyholder who has made a claim or complaint that is potentially affected by the judgment should receive an update from their insurer within 7 days. In the meantime, the test case does not prevent policyholders making or settling any claim under their business interruption policy, making a complaint to their insurer if they are dissatisfied with the outcome, and referring their complaint to the Financial Ombudsman Service. Please LOGIN to read the full article.
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