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Business Interruption – Where are we now?

Several months have now passed since our webinar exploring the Supreme Court’s decision in the FCA’s test case on Business Interruption Insurance.  The FCA has since published some useful tools, including a more detailed list of specific policies, grouped by insurer, that are likely to respond in the event a claim is made, and updated declarations made by the Supreme Court, which offer guidance specific to particular policies on various evidential issues.

The FCA has also been gathering and publishing data on claims made and processed. As of 5th July 2021, interim payments totalling circa £300 million and final payments totalling circa £560 million had been made to UK policyholders.

That said, there will no doubt be a huge number of claims which have been rejected and in which proceedings will follow, forcing the Courts to grapple with the reasoning in the Supreme Court decision. It will take some time for these cases to wash through the system. 

If you would be interested in attending an update webinar on recent developments in this area, including expert input by a Forensic accountant Conor Walls of Exchange Accountants on the calculation of business interruption losses, please register your interest by emailing: sarah.mcginley@millsselig.com  

 

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Editorial prepared by: Kirsten Magee, Partner, Mills Selig

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