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News

Business interruption insurance and the FCA test case: FAQs

The Supreme Court's judgment concludes a complex legal test case brought by the Financial Conduct Authority (FCA) in 2020, in which the FCA sought urgent clarification on key issues of contract uncertainty in some insurance providers’ policy wordings.

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The Supreme Court rules on the FCA's COVID-19 test case

On Friday, the Supreme Court handed down their judgment on the High Court test case brought by the Financial Conduct Authority (FCA), regarding business interruption insurance claims and COVID-19. 

The case involved the policy wordings of six insurers, and in a number of respects the court found in favour of the FCA. The judgment is binding on the six insurers, and insurers with similar wordings will be required to interpret their wordings in light of the ruling. 

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Insurers offer support for ‘long Covid’

The risk of what is termed ‘long Covid’ has been much reported recently - and insurers are reacting.

‘Long Covid’ is the term given to long term symptoms of Covid-19. While initial scientific studies into the disease suggested its duration was relatively short, more recent research suggests a small portion of people infected will suffer from symptoms over a much longer period.  

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Why are certain types of insurance getting harder and more expensive to arrange? Unfortunately, the answer is far from simple...

We've already written about a 'hardening' insurance market and how, until recently, this was primarily confined to the supply of professional indemnity insurance (PII).  However, conditions across the whole insurance sector are now becoming more challenging as insurers are forced to increase premiums, reduce their presence in specific markets or withdraw from them altogether because they are no longer financially viable. 

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Communication counts on property policies post-Covid

The advent of Covid-19 has given the property sector much to think about. While attention is focused on finding solutions to multiple challenges, from the economic fallout from lockdown to ensuring spaces comply with social distancing, there are several insurance issues which should not be overlooked. In many respects, risk has changed – for better or worse – and action may need to be taken accordingly in order to satisfy any relevant policy conditions, ensure cover is adequate and to avoid paying unnecessarily inflated premiums. Our property specialist, James King, recently caught up with Estates Gazette to discuss this in more depth:

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Cyber risks of staff laptop theft — how to mitigate data loss

With the majority of businesses now working remotely, laptops have replaced desktops for many.

This change in equipment presents additional risks for data security that may harm your business.

We have outlined how to identify and reduce the likelihood of data loss via laptop thefts in this 3-step guide:

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FCA court case regarding COVID-19 insurance cover - implications for clients with business interruption insurance

There has been much confusion over the COVID-19 crisis and the response from insurers. In an attempt to gain greater clarity over policy cover the FCA has started a High Court action against a number of insurers. We have had a number of queries from our customers regarding the test case and what it means for commercial policyholders; we hope this note will help you to understand the process and how it might affect you.

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Our 5 tips to help keep staff safe as they return to commuting

Businesses across the UK are now returning to the workplace, meaning many workers will now be commuting again for the first time since March.

As with ensuring offices and other work environments are as safe as possible, proactivity is the key to supporting staff safety as they commute. It’s worth considering adjusting your working practices, as well as your rules and guidance for staff, to help ensure they’re as safe as possible.

Here, we’ve compiled 5 key factors to consider as you do this:

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