Law360, London (September 15, 2020, 11:21 AM BST) --
The High Court ruled on Tuesday that insurers should have to pay out on claims to approximately 370,000 businesses forced to close during the lockdown in a landmark judgement that tests the scope of the coverage offered by business interruption policies during the pandemic.
Judges Christopher Butcher and Julian Flaux ruled in favour of policyholders in the majority of the 21 policy wordings that have come under the microscope in a test case brought by the Financial Conduct Authority.
"The decision should bring welcome news to a significant number of policyholders who will need to read the judgement carefully and see how the principles laid down by the court apply to their particular policy wording," said Paul Lewis, partner at Herbert Smith Freehills, which represented the FCA.
Two major insurers have already deployed 360SiteView the No-Code Claims Management platform to handle the expected surge of claims.
To enjoy the same benefits and outcomes of customised digital workflows, analytics and claims management please contact us.
UK and Europe Mike.Daly@360Globalnet.com
+44 7341 971132
USA/Canada Thomas.Duffy@360Globalnet.com
Australia/New Zealand Daniel.Lukich@360Globalnet.com
The High Court ruled on Tuesday that insurers should have to pay out on claims to approximately 370,000 businesses forced to close during the lockdown in a landmark judgment that tests the scope of the coverage offered by business interruption policies during the pandemic.
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