FCA Test Case – Judgement Announced

Following the FCA business interruption test case judgement on 15 September, we’ve summarised what this means for clients who are insured by Hiscox or QBE.

Result for our Hiscox clients:

We’re pleased to announce that following our hard work alongside the NTIA, and the release of the FCA High Court Case verdict, that the Hiscox result is in our favour. The High Court has determined that Hiscox are liable to pay out on its business interruption policies, meaning we can now progress your claim to the next stage.

It’s important to remember that the insurers have stated they will appeal against this decision so, whilst this verdict is good news, there may still be some hurdles before payouts are received.

What happens next:

  • We have all other information required to submit your claim, so will being processing Phase 1 of the claim with Hiscox on your behalf.

We will be reviewing each claim individually, and in the event that we require any more information from you, we will be in touch.

PLEASE NOTE: Do not access or submit any claim details through the Hiscox COVID-19 Claims Portal yourself. We will be doing this on your behalf, and any duplicated information may slow down your claim.

Throughout the claim process, we will keep you updated with every development as it happens.

Result for our QBE clients:

We’re disappointed that the result in the high court verdict is currently unclear for QBE policies. The verdict suggests that some polices do have cover, whilst others do not.

We’re currently undertaking further investigations into your policy wording to determine the implications for you, and will update you as soon as we have a definitive result for your policy.

You do not need to take any action at this stage, and we will be in touch as soon as we know more.

We anticipate that the FCA will challenge any negative results, and we will be discussing the appeals process with them on the 21st and 22nd September. Following this, we will update you with more information.

For advice or further information, get in touch with the team.