Hundreds of thousands of UK businesses have won the right to claim on insurance for losses caused by the Covid-19 pandemic after the country’s top court ruled that many policies should pay out because of coronavirus and the government’s lockdown measures.
Insurers will be expected to settle these claims promptly and effectively . Some of the six insurers on the FCA test case have taken advantage of the customised business interruption claims management platforms 360SiteView. Being 'No Code' it meant that 360Globalnet could deliver a BI specific platform in weeks .
British SMEs will be relieved the judgement went their way and underwriters have learnt a lesson about coverage wording.
“The judgment should be a massive boost to all businesses reeling from a third lockdown who can now demand their claims are paid,” said Richard Leedham, a partner at law firm Mishcon de Reya representing policyholders in the Hiscox Action Group. Huw Evans, director-general of the ABI, said: “Customers who have made claims that are affected by the test case will be contacted by their insurer to discuss what the judgment means for their claim. All valid claims will be settled as soon as possible and in many cases the process of settling claims has begun.