It is good news for small businesses, as a UK Supreme Court ruling forces insurers to pay out on disputed coronavirus business interruption (BI) claims, estimated to be worth at least £1.2bn.
The UK High Court passed judgement on the Financial Conduct Authority’s BI insurance test case in September 2020, ruling in favour of policyholders on the majority of key issues. An appeal to the Supreme Court followed. This morning (15 January 2021) a UK Supreme Court representative announced that “the insurers appeals are dismissed”.
The result of the appeal of this landmark business interruption case will be welcome news for many small businesses in the UK.