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COVID-19 – Re-build and recover – we’re here to help you get back on track

Services to help you get back on your feet

We recognise that the business landscape is looking very different at the moment. Some business models will have changed dramatically. The team here have a vast amount of experience in helping businesses to deal with a range of issues.

Whilst the Coronavirus crisis has led to a ‘perfect storm’ of business challenges, our experts are here to offer practical support and advice to help you navigate through the current difficulties.

As the lockdown measures are gradually relaxed in the weeks and months ahead, it will be more important than ever before to receive assistance from expert, experienced business advisors. We are able to offer practical support and also act as an impartial but knowledgeable sounding board, as you weigh up both your business and personal options – helping you to realise your short, medium and longer term objectives.

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Latest News

Businesses may be entitled to insurance pay-out after important judgment

A new judgment at the High Court has clarified that policyholders denied business interruption (BI) insurance claims due to COVID-19 may be due compensation.

In an important test case, brought by the Financial Conduct Authority (FCA), the court has found in favour of BI policyholders after many insurers denied pay-outs, claiming that the pandemic was an unprecedented event not covered by existing policies.

In total, eight insurers were challenged at the High Court, which looked into 21 different lead policy wordings to establish whether insurers were liable for pay-outs.

The decision is thought to affect around 370,000 UK businesses, according to the FCA’s estimates, amongst them many businesses that were affected by restrictions imposed by COVID-19.

The result is legally binding on the eight insurance companies involved in the test case. However, the FCA has said that the judgement has removed many of the roadblocks from policyholders in claiming against other insurers where they think they are also due compensation.

Christopher Woolard, interim Chief Executive of the FCA, said: “We brought the test case to resolve the lack of clarity and certainty that existed for many policyholders making BI claims and the wider market.”

He added that insurers should now consider the steps they can take to progress claims of the type that the judgment says should be paid.

“They should communicate directly and quickly with policyholders who have made claims affected by the judgment to explain next steps,” said Mr Woolard.

Despite the FCA’s call for clarity, insurers have asked for more time to put in an application for permission to appeal.

The financial regulator has urged businesses to review their evidence on a case-by-case basis and compare to the judgment.

It added that they should consider that the ruling did not say that the eight defendant insurers are liable across all 21 different types of policy wordings in the sample considered by the court.

Link: UK small companies win victory in Covid insurance test case

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