Insured _And Sars Covid -2

.... a landmark High Court ruling on Covid insurance payouts means for “all potentially impacted policies”. The case was brought by the financial conduct authority (FCA) to help to work out which policies should be honoured after the insurance industry declined to pay out claims in the wake of the pandemic, prompting anger among companies who saw their trade damaged. This month, the FCA said that the judgment “substantially found in favour” of arguments it presented for policyholders, raising hopes for hundreds of thousands of businesses that believe they are due payouts on their policies. However, many businesses remain in the dark over what the ruling means for their specific policies and some insurers are expected to appeal. Last week the Treasury said a decision on whether both the FCA or insurers will appeal the judgment should be finalised by Friday when the High Court will consider applications. “An appeal is likely to complicate for some, the timeline for policies paying out,” Mr Glen warned. The FCA hopes any appeal can be concluded by early 2021. A spokeswoman for the ABI said: “The FCA has given clear guidance to firms on how they should approach any decisions on a case by case basis. Anyone concerned should contact their broker or insurer. As a general principle when assessing claims, insurers would not expect customers to claim for losses to income that have already been compensated from elsewhere.”