A short piece just to pass on two quite different but very pertinent updates on business interruption both of which were published on Friday 22 January. This new material should be essential reading for anyone who has been following the BII debate since the beginning of coronavirus-related restrictions last March.
- First is the FCA’s five page “Dear CEO” letter which describes: its next steps in finalising the legal declarations needed to give effect to the Supreme Court’s decision, summarises planned regulatory guidance and outlines its expectations of insurers as regards policyholder communications and in progressing outstanding claims. It is a carefully-drafted communication which would merit reading closely.
- Second is a House of Commons Library paper that stands back a little from the text case and, in the wider context of business interruption, asks in its title The business interruption insurance court case: How much of a victory is it?