Tens of thousands of small businesses will receive insurance payouts covering losses from the first national lockdown, following a court ruling on 15 January 2021.
The Supreme Court found largely in favour of small firms receiving payments from business interruption insurance policies.
The City watchdog, the Financial Conduct Authority (FCA), brought the test case, with eight insurers agreeing to take part in proceedings.
Sheldon Mills, from the FCA, which brought the case on behalf of policyholders, said: “Coronavirus is causing substantial loss and distress to businesses and many are under immense financial strain to stay afloat. Today’s judgment decisively removes many of the roadblocks to claims by policyholders.
“We will be working with insurers to ensure that they now move quickly to pay claims that the judgment says should be paid, making interim payments wherever possible.”
What does this mean for you and your clients ? Please email us to email@example.com