Category: UK
Reinsurance in the Time of COVID-19 – Part 3
In part 3 of our blog series on reinsurance issues arising from COVID-19, we consider the implications of “reopening” the economy on reinsurance exposure.
FCA BI Insurance Test Cases: Case Management Conference Highlights the Challenges Facing the Court and the Parties
A case management conference (CMC) before Mr Justice Butcher was held on 16 June to deal with a number of procedural matters in relation to the future conduct of the Financial Conduct Authority’s COVID-19 business interruption insurance test case.
FCA Update on Business Interruption Insurance Test Case
The Financial Conduct Authority has provided an update on progress regarding its proposed court action to resolve uncertainties about business interruption policies. The update provides an initial list of the representative sample of policy wordings that will be examined in the action. 17 policy wordings have been selected so far, […]
Reinsurance in the Time of COVID-19 – Part 1
The World Health Organization classified the coronavirus (COVID-19) as a pandemic on 11 March 2020 and, since that time, the pandemic has caused unprecedented socio-economic disruption across the globe with a profound impact on businesses and civil liberties. In such times of dramatic economic instability, it is natural that companies […]
COVID-19 Lawsuits Could Lead to Wave of Insurance Claims
As shelter-in-place orders begin to ease and businesses reopen, companies should be prepared for a potential wave of lawsuits from customers and employees who may claim to have contracted COVID-19 on their premises. In response, Congress is currently considering legislation to shield companies from liability provided that they follow federal […]
FCA Publishes Statement About Policyholder Engagement for BI Test Cases
On 15 May 2020, the Financial Conduct Authority issued a statement setting out how it is engaging with policyholders and insurance intermediaries on business interruption 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 […]
FCA Announces It Will Commence Proceedings to Seek Clarity Over BI COVID-19 Coverage
On 1 May 2020, the Financial Conduct Authority, the UK’s conduct regulator for general insurers, published a statement announcing that it intends to take a representative sample of cases to court as soon as possible to resolve contractual uncertainty in business interruption cover for SMEs. The FCA refers to continuing […]
High Court Rules on Materiality of Non-Compliance with Terms of Separate Policy
In Niramax Group Ltd v Zurich Insurance Plc [2020] EWHC 535 (Comm), Niramax Group Ltd (“Niramax”) brought a claim against Zurich Insurance plc (“Zurich”) challenging Zurich’s failure to pay out on a claim for fire damage to a recycling facility.
Business Interruption Cover and the Coronavirus
The UK government announced yesterday that its current measures relating to the use of public spaces such as bars and restaurants would be sufficient to trigger some business interruption policies, with the Chancellor of the Exchequer, Rishi Sunak stating, “Let me confirm that, for those businesses which do have a […]
Your Insurance Checklist for Coronavirus Losses
With the constantly changing landscape and the obvious need for us all to prioritize the health and well-being of our employees, clients and business partners, it can be difficult to focus on the next steps businesses need to take to protect themselves. Cooley recently published two blog posts on the […]
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