ARTICLE · 21 MAY 2020

FCA Publishes Statement About Policyholder Engagement For BI Test Cases

Cooley LLP

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On 15 May 2020, the FCA issued a statement setting out how it is engaging with policyholders and insurance intermediaries on business interruption (BI) insurance. The FCA said a large number of BI claims...

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On 15 May 2020, the FCA issued a statement setting out how it is engaging with policyholders and insurance intermediaries on business interruption (BI) insurance. The FCA said a large number of BI claims are being made and referred to widespread concern about the response of some insurers.

On 1 May 2020, the FCA announced it would obtain court declarations aimed at resolving contractual uncertainty in relation to selected BI insurance policies. It intends to seek the court's view on relevant policies as soon as possible and has said it will act in the public interest in putting forward policyholders' arguments to their best advantage. The process is designed to assist policyholders, and particularly SMEs, whose claims are being refused when they think the insurers should respond.

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