News

Financial Conduct Authority opens a consultation seeking legal clarity on Business Interruption (BI) insurance during the Coronavirus crisis.


The coronavirus pandemic has led to widespread disruption and business closures resulting in substantial financial loss. Many insured have made claims for these losses under their BI

insurance policies. There has been widespread concern about the lack of clarity and certainty for some customers making these claims, and the basis on which some firms are making

decisions in relation to claims. This has led to uncertainty and disputes, with many clinicians who believe they have valid claims having these rejected by their insurer.

 

The Financial Conduct Authority (FCA) has now stepped in. It intends to obtain court declarations as part of a test case which will be legally binding on the insurers involved.

Information on the FCA’s steps so far and how you can get involved are set out at latest updates section of the FCA website.