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FCA to take Court action on business interruption insurance and proposes measures to help consumers and small businesses with insurance products

Earlier today, the FCA announced that it will ask the Court for a declaration on an urgent basis to try to help resolve the ongoing uncertainties around the much publicised issue of business interruption (“BI”) insurance coverage that we have written about in the past few weeks.… Continue Reading

Business interrupted: the disputes begin

Battle lines are drawn up in the insurance industry as it becomes apparent that insureds and their lawyers are preparing to contest in Court any refusals by insurers to pay out on claims for business interruption (“BI”) and associated losses in the wake of the Government’s COVID-19 lockdown. Group actions are apparently being brought together … Continue Reading

FCA sounds warning to financial advisers on professional indemnity insurance amidst COVID-19 pandemic

The Financial Conduct Authority (“FCA”) requires all regulated firms to take out and maintain professional indemnity insurance (“PII”) to cover the financial losses that may be suffered as a result of customer claims and complaints against the firm. The FCA also mandates limits of indemnity for the PII.… Continue Reading

Lloyd’s of London moves online in response to COVID-19

As one floor closes another (virtual) one opens; 330-year-old specialist insurance market Lloyd’s of London (“Lloyd’s“) has closed its underwriting floors in response to Government guidance regarding the coronavirus pandemic. Last week, the world’s largest insurance hub replaced its four-story “underwriting room” with its electronic trading system, Placing Platform Ltd (“PPL“), which was successfully stress … Continue Reading

Coronavirus – insurance issues for UK businesses and insurers

Earlier this week we looked at the effect that Coronavirus may be having on events cancellation, travel and personal accident insurances. However, businesses should now consult with their professional advisers and insurance managers over the extent of the wider insurance programme that they might have in place to cover other financial losses caused or contributed … Continue Reading
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