In summary, the FCA announced that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption insurance cover.
This is due to concerns, raised by policyholders, about the lack of clarity and certainty for businesses, and the basis on which some insurers are making decisions in relation to claims. It has written to all insurance companies asking them to clarify their position by 15 May. It will then place the information before the courts for a decision. It has not set a timeline when this will be delivered by but has expressed urgency.
The full statement can be read here.
Gallagher can provide support to clients that wish to make a claim, and we will do what we reasonably can to help in this process. Please get in touch if you wish to discuss this or any other aspect of your insurance requirements.
