Covid-19 Business Interruption FCA test cases
Covid-19: The FCA has recognised the need for it to intervene in order to assist in swiftly solving some of the uncertainties surrounding BI policy wordings.
Given the complexities surrounding business interruption policy wordings and the number of disputes between policyholders and Insurers as to the interpretation of these wordings and whether losses should be covered, the UK’s financial services regulator, the Financial Conduct Authority (FCA) has recognised the need for it to intervene in order to assist in swiftly solving some of the uncertainties surrounding such policy wordings and the associated on-going claims and disputes. It has therefore proceeded with seeking a court declaration as part of a test case to resolve the contractual uncertainty around the validity of many business interruption claims.
You can download our guide to the test case using the below link. It will provide you with further information on the following:
- Summary of the FCA’s test case
- Expectations on Insurers
- Other information on how it may impact policyholders
We will continue to update this page as the test case progresses.
If you have suffered a financial loss as a result of interruption to your business due to Covid-19, this guide also includes useful information for you and details of who you should contact should you wish to discuss making a claim to insurers under your policy.
Get in touch:
If you would like to discuss any of the matters raised below, please get in touch with your normal point of contact at Howden. Alternatively, please get in touch either by phone or by dropping us an electronic message, details of which can be found here.