Britain's financial watchdog will ask the courts to rule on a series of disagreements between businesses and insurers who are refusing to pay out over coronavirus hits. The watchdog said court action would not determine how much is payable under individual policies but will provide the basis for doing so. The FCA said it had written to 'a small number of firms' to ask if they were declining business interruption claims. It said the vast majority of business interruption policies did not cover pandemics and the UK government had confirmed it would not seek to retrospectively change contracts. The watchdog said that insurers should grant premium payment holidays to customers, if requested, for a rolling period of up to three months.

Source: Daily Mail May 01, 2020 11:21 UTC