A stoush between UK’s Financial Conduct Authority (FCA) and insurers over cover for business interruption (BI) during the covid-19 pandemic has erupted before Lord Justice Julian Flaux and Justice Christopher Butcher hearing a test case in the British High Court to find clarity on the issue.
Tag: business interruption
Cover for covid-19 related financial losses to be tested in UK’s High Court
UK’s Financial Conduct Authority (FCA) has initiated a test case to bring certainty on issues related to insurance cover for covid-19 related financial losses. It is seeking declarations from the UK High Court on the operation of several non-damage business interruption (BI) extensions.
AM Best: US industry facing widespead bankruptsy if forced to cover COVID-19 claims
The US insurance industry faces widespread bankruptcy if forced to cover COVID-19 business interruption claims, according to a newly released AM Best report.
Insurers bracing for coronavirus losses
Businesses are increasingly forced to mitigate any potential effect from the coronavirus outbreak originating from Wuhan, China, which could have a serious effect on business as organisations are increasingly forced to mitigate any potential impact, US-based Crowell Moring (CM) warns.
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