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Covid-19 (Coronavirus) update for existing clients
Dear Valued Customers,
The judgment today (15th Jan 2021) in the Supreme Court on the Financial Conduct Authority’s business interruption test case substantially allowed the FCA’s appeals and dismissed the insurers appeals. This is good news for those of our business insurance customers who have an unspecified diseases extension on their policy..
The judgment brings clarity for many of our customers who have been waiting to find our if their claims will be paid.
The Association of British Insurers has indicated that: “Customers who have made claims that are affected by the test case will be contacted by their insurer to discuss what the judgment means for their claim. All valid claims will be settled as soon as possible and in many cases the process of settling claims has begun.”
The judgment is detailed and we are working with industry bodies to better understand the full impact of the judgement. We will of course issue further information about what the ruling means for our customers in the coming weeks.
You can read the detailed judgement of the Supreme Court here and the summary by the FCA here.
The team at Compare Insurance is on hand to assist you as far as we can with this, however, we would point out that we do not yet have any timescales for how long it will take insurers to review each claim. Therefore, your continued patience is greatly appreciated.
Kind regards,
Compare Insurance Ltd
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If you run your own business, we know how hard you work to make it a success and we can help reduce the load by making sure you to have the right insurance in place for your business.
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As a commercial insurance broker, understanding our customer’s needs and helping them put the correct insurance in place to protect their business is very important to us.
The team at Compare Insurance specialise in all types of businesses from tradesman, takeaways, shops, restaurants, pubs, guest houses to self-employed professionals and all sizes.
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