Supreme Court Ruling Insurance Covid 19
This ruling addresses an appeal filed by certain parties and interveners in the Covid-19 Business Interruption Insurance test case, which was ruled by the High Court on September 15, 2020. The High Court proceedings were filed by FCA, the regulator of the defendant's insurance company, as the first test case under the financial market test case scheme. Their purpose was to determine the issue of insurance coverage and causality principles under sample insurance language in the context of significant business disruption losses suffered by the enterprise as a result of the Covid-19 pandemic. Twenty-one sample terms were considered, but in addition to these specific terms, the FCA's test case impacts about 700 policyholders with 370,000 policyholders from 60 different insurers. I presume that you may receive it. The FCA has proceeded with policyholder discussions. Many of the policyholders were small businesses. In addition, two action groups were granted permission to intervene...