UK Top Court Simplifies COVID-19 Business Insurance Payments

Every small businesses from restaurants to nightclubs and beauty parlours won the right to insurance payouts on this Friday after Britain’s highest court ruled many policies should cover losses caused by coronavirus and the related lockdown. Some of the leading  commercial insurers including Hiscox, QBE, Argenta, RSA, Arch and MS Amlin argued that several policies did not cover widespread disruption after government efforts to curb the virus from the previous March.

However, the Supreme Court of UK unanimously dismissed appeals by the insurers after scrutinizing non-damage insurance policy clauses that mostly cover disease as well as the denial of access to business premises. The Financial Conduct Authority brought the closely-watched test case on behalf of policyholders in the previous June, saying it could affect 370,000 policyholders and 60 insurers, paving the way for an estimated 1.6 billion dollars in claims.

According to the chair of the Professional Association of Self-Caterers UK ,Alistair Handyside, he was delighted by a judgment that would mean survival for many amid a third lockdown. However, some policyholders are weary though. “It would appear we have won another battle this morning 10 months too late,” said Murray Pulman, who runs The Posh Partridge cafe in Dorchester, southwest England. “The war is not over, however,” he said. “Getting payment, compensation and costs… is another whole new fight which begins today.”

 

 

Share

Related

Shaking Up the Larger Landscape

Many times, we miss out on things just because...

A Crypto Robbery of Enormous Implications

While our achievements as a society will always remain...

From Visionary Talks to Futuristic Robots: VAP Group’s Global Blockchain Show Dazzles Dubai

Dubai, December 18, 2024: Organised by Web3 and AI...

As Covid Cases Rise, Lloyd’s Closes Up Underwriting Floor

With the rising number of Corona virus cases across...

Why Digital Transformation May Be the Independent Retailer’s Last Best Hope

Digital Transformation has been touching just about every industry...

The Classic Backdoor Entry

As human life stands on numerous pillars, being accommodating...

Data Sharing is Key To The Success of Plant Medicine Research

As the world has been dazzled by recent images...

Defogging the Crypto Picture

Human beings can do a lot of things really...

Registration Now Open for CDAO Fall 2025 – North America’s Premier Data & Analytics Event

Join 400+ Data, Analytics, and AI Leaders This October...

Scaling up under time pressure in a pandemic – 8 key pointsfor thriving in chaos

COVID-19 pandemic has been a nightmare for many businesses...

Latest

No posts to display

No posts to display