Supreme Court rules in favour of small firms over business interruption insurance claims
- 19th January 2021
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Many small businesses in Wales and England could receive a payout on their business interruption insurance after the UK Supreme Court ruled in favour of payments being made on previously refused insurance claims.
The test case was brought against insurers by the Financial Conduct Authority (FCA). The ruling means that thousands of SMEs are now set to receive insurance payouts covering losses from Covid-19 and the first national lockdown.
Most eligible policyholders should be contacted by their insurer following the ruling, but businesses are being encouraged to review whether they can make a claim.
For further information please visit the Financial Conduct Authority.
As the COVID-19 pandemic continues to cause major disruptions to businesses across the UK, it is important to consider the options available to businesses when commercial disputes arise.
If you are the holder of an insurance policy that you believe may be affected or need expert advice concerning a commercial dispute, please contact Karl Thomas, Partner and Head of Employment and Dispute Resolution at Loosemores Solicitors via ThomasK@loosemores.co.uk or call 02920 224433.