The Financial Conduct Authority (FCA) brought the test case over the wording of business interruption insurance policies, which some insurers argued did not cover the pandemic. High Court and Appeal Court judges have already ruled largely in favour of insurers having to pay the businesses - but the Supreme Court will now make a final decision. According to the watchdog, the value of policies likely to be affected by the test case is approximately £1.2billion. He suggested this 'ballpark figure' pointed to the importance of the case for businesses 'confronting the financial impact of the coronavirus epidemic'. It argued that, while some insurers had provided payouts to customers, many businesses had had claims 'rejected' under 'blanket denials of cover'.

Source: Daily Mail November 16, 2020 08:04 UTC