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Update from Financial Conduct Authority: Business Interruption Insurance

Following the conclusion of the test case trial on 30 July, we are currently awaiting the High Court judgment on the test case to resolve uncertainty about insurers’ liability for certain Business Interruption (BI) insurance policies.

“In recent weeks, policyholder complaints, stakeholders and media reports have made us increasingly aware of policyholder concerns about how insurers are calculating non-damage BI claim payments where they have agreed liability. In particular, some insurers are making deductions for some types of Government support those policyholders have received over the past few months”.

Read more.

Many thanks to all those who wrote to the FCA and MPs to complain about how insurance handlers are handling sucessful claims. A collective approach has proved to be effective, once again.

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