Complexities of business interruption insurance explained
On Friday last week, the Supreme Court delivered its judgment in the FCA’s business interruption insurance test case, ruling that policyholders who were ordered to close business premises during the first national lockdown in response to the Coronavirus pandemic will be able to make claims to their insurers. Insurers will now be under pressure to process and settle these claims in a timely manner, with estimates being that as much as £1.8 billion will be paid out.
Information gathering to evidence the impact of the business interruption event is critical to support a successful claim. Seeking early advice will assist in the timely gathering of the required evidence and in the preparation of any claim. Complicating factors, such as the impact of Coronavirus, often mean that it is difficult to distinguish between trends and losses arising from different factors, and expert input could be key to accurately quantifying your claim and achieving a fair settlement.
Our team at Moore Kingston Smith has a wealth of experience in dealing with business interruption claims, having acted for both claimants and defendants across a wide range of industries, sectors and sizes. Our team can provide expert witness or expert advisory services, depending on the circumstances of the dispute.
If you wish to discuss how our team could assist you with the preparation or formulation of any claim, please do not hesitate to get in touch with us.