Difficulty in resolving disputes over pandemic business interruption payouts has led the FCA to bring a group of representative examples in front of the UK High Court to secure an industry-wide resolution. Intelligent Insurer reports.
“Rather than select firms by market share, we have identified policies which are representative of the key arguable issues.” FCA
· Collective test case is response to business interruption cover confusion
· Sample process intended to make the process ‘as swift as possible for the court’
· FCA does not expect all policy wordings to respond to the pandemic
· BI policyholders send more than 1,200 submissions to FCA in call for evidence
With COVID-19 losses mounting, the FCA and major insurers are moving ahead with a High Court test case that aims to gain a definitive resolution on disputed BI claims.
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