COVID-19: Supreme Court backs small firms over business interruption insurance claims

Insurers are being urged to pay up without delay after judges dismiss the industry’s arguments over the disputed claims.

Small firms are cheering a Supreme Court ruling that appears set to force insurers to pay out on disputed coronavirus business interruption claims worth at least £1.2bn.

The first step for a policy holder should be to take legal advice on liability. Instruct a solicitor to advise on the terms of your policy combined with your factual matrix.

Further steps thereafter could include obtaining forensic advise as to the value of the claim and also funding for potential litigation

If you have any questions or concerns about your business, contact Richard Curtin directly on rcurtin@gscsolicitors.com or 020 7822 2222.

https://news.sky.com/story/covid-19-supreme-court-backs-small-firms-over-business-interruption-insurance-claims-12188322

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Business Interruption Scheme update

A useful update from the FCA regarding the High Court test case concerning Business Interruption (BI) Insurance.

Interestingly, the update also indicates a list of insurers and their respective policy wordings which are being looked at.

The FCA has today published an update on our High Court test case concerning business interruption (BI) insurance. You can find more information about this announcement in our press release or on our dedicated BI insurance webpage.

As part of this, we have published our proposed representative sample of 17 policy wordings and other key documents which will form the basis of the test case. We are inviting policyholders, their insurance intermediaries, insurers, other stakeholders and their legal advisers to provide their comments on these documents by 3pm on Friday 5 June.

If you would like us to assist you with any issues in relation to Business Interruption Scheme for your business, please do not hesitate to contact our dedicated team on helpmybusiness@gscsolicitors.com or  Michael Shapiro on mshapiro@gscsolicitors.com or 0207 822 2246 or Hateem Ali on hali@gscsolicitors.com or 0207 822 2209.

https://content.govdelivery.com/accounts/UKFCA/bulletins/28e64c8

© 2020 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.