Brokers not responsible for BI test case insurance policies under contract law, argues FCA
The business interruption policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the regulator has argued.
The FCA’s BI test case names eight insurers as defendants: Arch, Argenta, Ecclesiastical, Hiscox, MS Amlin, RSA, QBE and Zurich. However, at least 16 are expected to be affected by the outcome.
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