Business interruption case heads to the Supreme Court November 16, 2020 A landmark legal battle between the City regulator and leading insurers over business interruption payouts heads to the Supreme Court today. Hundreds of thousands businesses that were forced to close or faced significant losses amid the pandemic made claims on their business interruption insurance. But leading insurers disputed the claims arguing their policies did not [...]
Supreme Court to hear FCA business interruption insurance appeal this month November 2, 2020 The Supreme Court will this month hear an appeal of the Financial Conduct Authority’s business interruption insurance test case. The test case launched by the watchdog against eight insurance companies was fast-tracked for an appeal earlier this month. The FCA launched legal proceedings in June after it failed to find an agreement with the insurance [...]
Shares in insurance firms rise despite court ruling on business interruption claims September 15, 2020 Shares in UK insurance firms remained resilient this afternoon, even as the High Court ruled some firms will have to pay out on the disputed business interruption policies. Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic. The Court ruled on [...]
High Court rules in favour of struggling firms in business interruption insurance case September 15, 2020 Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic, following a landmark ruling. The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority (FCA). The Court ruled on a representative sample of [...]
RSA, Hiscox and others drop appeal against Covid-19 business interruption insurance payout rulings October 21, 2020 The appeals linked to the Resilience, Eaton Gate Retail, and Eaton Gate Pubs & Restaurants business interruption insurance policies have now been dropped.
London Excel heads back to court over dispute with insurance giants June 17, 2024 London International Exhibition Centre (Excel) is back in court tomorrow as Allianz and other insurance giants look to overturn a High Court ruling in favour of the venue.
Business interruption is big unknown for insurers, says Bank of England July 8, 2020 The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England has said, ahead of a court ruling on the matter this month. The court will decide whether existing policies should cover the big losses caused by the coronavirus crisis. Anna Sweeney, [...]
Disney helps propel Excel London to year of record-breaking success June 19, 2024 Excel London, the UK's largest exhibition centre, has had a record-breaking year as a surge in visitors boosts its revenue to its highest level ever.
FCA gears up for business interruption insurance court battle June 1, 2020 City watchdog the Financial Conduct Authority (FCA) today said it had selected samples of insurance wording for a July case on whether insurers should pay out on business interruption policies for covid-19. The FCA said it has selected 17 examples from business interruption insurance policies used by 16 insurers who have entered into a framework [...]
FCA goes to court over coronavirus business interruption insurance May 1, 2020 The Financial Conduct Authority (FCA) is seeking legal clarity on the inability of some insurance customers to obtain compensation for disruption amid the coronavirus crisis. Businesses were forced to close their doors and furlough staff after the lockdown measures were introduced in March. The vast majority of businesses did not purchase business interruption insurance and [...]