Published On: Tue, Sep 15th, 2020

Covid compensation: 370,000 to share £1.2BN payout after landmark coronavirus ruling | UK | News

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The Financial Conduct Authority (FCA) brought a test case earlier this year over the wording of business interruption (BI) insurance policies, which some insurers argue do not cover pandemics. The city watchdog previously said it was bringing the legal action following “widespread concern” over “the lack of clarity and certainty” for businesses seeking to cover substantial losses incurred by the Covid-19 pandemic and subsequent national lockdown. According to the regulator, the value of policies likely to be affected by the test case is about £1.2 billion.

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