Need to Know: An update on Business Interruption Insurance

We bring you the latest news from Government, the legislation you need to know, and what’s going on in the wider GCMA world… BUSINESS INTERRUPTION INSURANCE The Financial Conduct Authority and the other parties to the test case have made written submissions to the Supreme Court on the form of the declarations to be issued by the Court. These declarations will be the culmination of the judgments in the test case and will declare whether the policies in the representative sample potentially cover business interruption losses arising from the coronavirus pandemic.  The FCA have published: a draft of the declarations showing which parts are agreed and which remain in dispute submissions of the FCA  joint submissions of Arch, Argenta, Hiscox, MS Amlin, QBE and RSA in relation to common declarations submissions of Arch Insurance (UK) Ltd in relation to its specific declarations joint submissions of Ecclesiastical Insurance Office plc and MS Amlin Underwriting Limited in relation to their specific declarations submissions of Hiscox Insurance Company Ltd in relation to its specific declarations submissions of Royal & Sun Alliance Insurance Plc in relation to its specific declarations submissions of the Hiscox Action Group  The FCA expect that the Supreme Court will issue the declarations without a further hearing, but they do not know when.  They believe that the judgment from the Supreme Court gives insurers the clarity they need to conclude their claims processes with the large majority of their business interruption customers, without waiting for the declarations. You can read all the FCA updates and find further information on their dedicated business interruption webpage.
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