CRS Consultants Limited

Insurance Brokers & Independent Financial Advisers

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01606 48521

info@crs-consultants.co.uk

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FCA High Court Case Ruling

16th September 2020

The High Court has handed down judgment yesterday on the business interruption test case, finding in favour of the FCA and policyholders on the majority of issues. A full copy of the decision can be found on the FCA’s website here:


www.fca.org.uk/news/press-releases/result-fca-business-interruption-test-case


This will be welcome news for many of your clients. However we must stress that the Court’s findings vary between insurers, policy wordings and will depend on individual circumstances. This means that each claim will need to be considered against the relevant sections of the judgment.
The FCA has asked insurers to contact policyholders with affected claims within the next seven days, to let them know how they will be affected by the judgment. We will be working closely with insurers, to ensure that you are kept up-to-date with news and developments on this as there may be appeals which affect the process.

/ Blog, News

Business Interruption Test Case Guidance

27th July 2020

Customer Communication under BI Test Case Guidance to holders of relevant policies

You may be aware that the Financial Conduct Authority is currently filing a ‘test case’ with the Courts in relation to disputed claims for non-damage business interruption cover, where the relevant coverage clause in the policy is unclear, or open to multiple interpretations. The FCA have included sixteen example coverage clause wordings from a range of insurers, to enable them to obtain a judgement affecting as many disputed claims as possible, even those with insurers not included in the case itself, but whose wordings are similar.

The decision in the case could, therefore, mean that your insurer has to review their decision on non-damage business interruption losses suffered by you under your commercial insurance.

For clarification, policies which include a list of ‘notifiable or communicable diseases’ that does not include Coronavirus or Covid-19 are NOT included in this test case and those policies do not provide cover for losses arising from the current pandemic closures. The case is expected to be heard in mid-July with a decision by the end of July, although some insurers may appeal the verdict, which will delay a final decision.

The FCA have set up a web page related to the test case at https://www.fca.org.uk/firms/business-interruption-insurance which gives detailed information on the representative sample of wordings being used and the questions for determination. You may wish to sign-up for updates on the case using the link on this page and your insurer’s website may also give information on their position for policyholders.

If you require any further information please do not hesitate to contact us via email at info@crs-consultants.co.uk.

/ Blog

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Contact Us

Office:
Parrs Bank Building,
Dane Street,
Northwich Cheshire,
CW9 5HA

T: 01606 48521
f: 01606 40031

Opening Times:
Monday to Friday
9:00am - 5:00pm

CRS Consultants Limited is Authorised and Regulated by the Financial Conduct Authority and is entered
on the FCA register (www.fca.gov.uk/register) under reference 474097.

www.financial-ombudsman.org.uk

The registered office is: Parrs Bank Buildings, Dane Street, Northwich Cheshire, CW9 5HA.
Registered in England and Wales, company number 02231655.

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  • Home
  • About CRS
    • Meet the Team of Advisers
    • Profile
    • Company History
    • Core Values
    • Professional Partners
    • Professional Connections
    • Giving Back
    • Testimonials
  • Financial Services
    • Investments
    • Retirement
    • Pensions
    • Wealth Management
    • Clever Adviser
    • Inheritance Tax Planning
    • Planning Process
    • Long Term Care
  • Mortgages
    • Mortgages
    • First Time Buyers
    • Movers
    • Buy to Let
    • Bridging Finance
    • Equity Release/Lifetime Mortgages
    • Mortgage Testimonials from our Customers
  • Protection
    • Individual Protection
    • Business Protection
  • Business Insurance
    • Commercial Combined Insurance
    • Commercial Liability Insurance
    • Commercial Property Owners Insurance
    • Motor Fleet Insurance
    • HGV Insurance
    • Van Insurance
    • Motor Trade Insurance
    • Goods in Transit Insurance
    • Professional Indemnity Insurance
    • Agricultural & Farming Insurance
    • Excess Protect Insurance
    • Testimonials
  • Personal Insurance
    • Car & Motorcycle Insurance
    • Home Insurance
    • Caravan Insurance
    • New Driver Insurance
    • Insurance for Learner Drivers
  • News
  • Contact