Hiscox had pandemic possibility 'well in mind' when it drafted BI policies, action group tells Supreme Court
The Hiscox Action Group has responded and opened its appeal as part of the Supreme Court hearing on the business interruption test case.
The Financial Conduct Authority’s counsel today likened the spread of coronavirus to the Great Storm of 1987, appearing in front of the Supreme Court for the third day of the business interruption test case appeal.
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.
As the search for lesser-spotted clarity continues, simple confirmation from the regulator on which business interruption wordings are being contested, and by who, is a welcome aid.
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
The world is devoting a lot of energy into finding a vaccine or ‘cure’ for Covid-19. We should know by now that false hope is not an antidote.
The business interruption test case is meant to be about co-operation to find clarity. Qatar Insurance Company’s attempt to intervene has rocked the boat.
Six insurers and the Financial Conduct Authority have been granted permission to fast-track an appeal of last month’s business interruption test case judgment to the Supreme Court.
The Financial Conduct Authority and seven out of the eight insurers involved in the regulator’s business interruption test case have filed applications to ‘leapfrog’ an appeal of the High Court judgment handed down earlier this month to the Supreme Court.
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.
Insurers have been urged to consider the “reputational damage they may suffer” before appealing the Financial Conduct Authority's business interruption test case judgment.
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court ruling today in the business interruption test case and those with prevention of access wordings may also find they have cover, law…
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
On 15 September the judges in the Financial Conduct Authority’s business interruption test case will hand down their judgment. But this will not mark the end of the struggle between insurers and customers.
The judgment in the Financial Conduct Authority’s business interruption test case, in which the regulator is representing policyholders against insurers, is expected Tuesday 15 September.
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses
Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court…
Insurers dived into the causation debate during today's proceedings, slamming the Financial Conduct Authority’s approach to the ‘but for’ test as the business interruption case continued in the High Court.
On the second day of the Financial Conduct Authority’s business interruption test case, the regulator’s lawyers argued there are key issues with the Hurricane Katrina Orient Express judgment insurers are expected to lean on during the case.
It was today confirmed up to 370,000 policyholders may be affected by the Financial Conduct Authority's High Court case, which aims to decide on the validity of business interruption cover during the coronavirus outbreak.
A joint skeleton argument attacks the FCA’s stance that SME customers are not sophisticated insurance buyers because they used brokers and slams Contra Proferentem as “restrictive” and “out of step”.
The Financial Conduct Authority has argued that where businesses made changes to their model and customers could not access them as normal, giving the example of a restaurant becoming a takeaway, they are not the "same insured business" and insurers…
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.