The High Court has handed down judgment yesterday on the business interruption test case, finding in favour of the FCA and policyholders on the majority of issues. A full copy of the decision can be found on the FCA’s website here:
www.fca.org.uk/news/press-releases/result-fca-business-interruption-test-case
This will be welcome news for many of your clients. However we must stress that the Court’s findings vary between insurers, policy wordings and will depend on individual circumstances. This means that each claim will need to be considered against the relevant sections of the judgment.
The FCA has asked insurers to contact policyholders with affected claims within the next seven days, to let them know how they will be affected by the judgment. We will be working closely with insurers, to ensure that you are kept up-to-date with news and developments on this as there may be appeals which affect the process.