The Financial Conduct Authority (FCA) recently announced its intention to seek clarity and certainty around non-damage BI cover in relation to the coronavirus pandemic.
A test-case has been brought in court against what the FCA considers to be a range of non-damage BI policy wordings that are representative of those used by the insurance industry. The aim of the test-case is to determine the interpretation of certain clauses within policies that include non-damage BI. This will assist in providing greater clarity to insurers and policyholders alike in the handling of COVID-19 claims.
If you have submitted a COVID-19-related non-damage BI claim or complaint, we will contact you by 15 July 2020 to confirm whether or not your policy will be affected by the outcome of the test-case.
We will regularly update this page with information in relation to the test-case.
Information for policyholders and regular updates on the test-case from the FCA: www.fca.org.uk/firms/business-interruption-insurance
Register for the latest BI updates from the FCA: www.fca.org.uk/sign-business-interruption-bi-insurance-email-updates
Information for small businesses from the Financial Ombudsman Service: https://sme.financial-ombudsman.org.uk
Last updated: 15 July 2020