FCA begins case over insurers' refusal to pay firms' Covid-19 claims

Thousands of businesses say policies should cover closures during coronavirus crisisCoronavirus – latest updatesSee all our coronavirus coverageThe City regulator will on Monday begin a test case on behalf of thousands of businesses that claim they should have been paid by insurers to cover closures during the coronavirus pandemic.Insurers were inundated with claims under business interruption policies – many of them from small firms – after the government in March mandated the closure of companies across the UK to prevent the spread of Covid-19. Many insurers have declined to pay out, arguing that the policies were not designed to cover a government-imposed lockdown. Continue reading... https://www.theguardian.com/business/2020/jul/20/fca-insurers-covid-19-claims-policies-coronavirus #insurance_industry #financial_conduct_authority #regulators #business #insurance #money #coronavirus_outbreak #uk_news