The High Court issued a complex 162-page ruling in a case brought to try to bring clarity to businesses crushed by the lockdown.
The watchdog's interim chief executive Christopher Woolard said:"Coronavirus is causing substantial loss and distress to businesses and many are under immense financial strain to stay afloat.
This morning's 162-page judgement from the High Court appears to have found for the Financial Conduct Authority and thousands of small businesses who claimed they were entitled to make claims on business interruption policies arising disruption from COVID-19. On the face of it, then, it is a setback for the eight insurers, including Hiscox, Zurich Re, Amlin and RSA, which participated in this test case.But it is important to stress that the judgment was not a clean sweep for the plaintiffs.
In other words, policyholders are going to have to study the wording of their business interruption cover very carefully, checking against what the High Court judgment said about their particular policy. It said that, with the exception of a couple of the policies covered in the ruling, each local individual example of business interruption should be regarded as having been caused by a number of individual outbreaks that were indivisible.Judges at the High Court issued a complex 162-page ruling
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