FCA calls on brokers to put BI claims case

The Financial Conduct Authority is inviting brokers to provide it with details of any disputes with insurers over the rejection of coronavirus-related business interruption claims. The call relates to the regulator’s impending test case over BI policy wording in an attempt to provide clarity to customers and the market.

The regulator has invited policyholders and insurance intermediaries to put forward why BI cover should apply, together with details of any policies they consider have not responded appropriately to a claim.

In a statement the FCA said “it is important that we receive and evaluate policyholders’ arguments now, given that we intend to seek the court’s view on relevant policies as soon as possible.”

The FCA has instructed law firm Herbert Smith Freehills, with the team being led by Paul Lewis. It has also instructed an external team of leading counsel highly experienced in insurance issues.

The FCA added that both it, and its solicitors, Herbert Smith Freehills, will be available for discussion with action groups and policyholders and their legal representatives, for example at workshop style meetings

    Share Story:

Recent Stories