Review your Business Interruption policies: Supreme Court Ruling
A Supreme Court ruling has given hope to many trying businesses to recover substantial losses that have arisen as a result of COVID-19.
The ruling follows an application by the FCA (Financial Conduct Authority) who asked the Supreme Court for clarification on a number of issues surrounding claims made for business losses as a result of COVID-19.
The ruling has removed the need for policyholders to resolve issues directly with their insurance company.
Full information on the ruling can be found here Supreme Court judgment in FCA’s business interruption insurance test case | FCA
The judgement can be found here: The Financial Conduct Authority and others (Appellant/Respondents) v Arch Insurance (UK) Ltd and others (Respondents/Appellant) (supremecourt.uk)
We would strongly recommend that you review your Business Interruption policy and contact your broker to check whether you would have a valid claim.
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