COVID-19: Supreme Court backs small firms over business interruption insurance claims
On Friday 15th January 2020 the Supreme Court ruled that insurers would need to pay out on the disputed CV-19 business interruption claims.
The full details can be found on the FCA website by CLICKING HERE.
Many PGA Professionals contacted The PGA at the beginning of the pandemic to request advice having held policies containing 'disease' and/or 'prevention of access' clauses.
The advice given was, that should you have a business interruption clause within your policy you should submit a claim to ensure that you were that your business had started the process.
What happens next
Following the Supreme Court ruling, The PGA would recommend that individuals re-ignite their pursuit of their claims with their insurers, advisors or brokers. The FCA will now be working with insurers to ensure that claims are processed quickly however each policy and the specific wording needs to be compared against the details of the High Court judgement.
The FCA will be publishing a set of Q&As and a list of Business Interruption Policy type that corresponds to the Supreme Court ruling consequently, all with polices are advised to keep an eye on the FCA website. Further information is provided below.
