To ask the Chancellor of the Exchequer, what steps his Department taking to ensure that (a) pubs and (b) other SME’s can claim business interruption insurance policies for extended periods of closure and financial loss due to the covid-19 outbreak.
26 March 2021
The Financial Conduct Authority (FCA) rules require insurers to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. The FCA has said that, in light of COVID-19, insurers must consider very carefully the needs of their customers and show flexibility in their treatment of them.
The Government is pleased that a final judgment has been reached by the Supreme Court in the FCA Business Interruption test case and trust that this will provide the legal clarity urgently sought by policyholders. The FCA has set out its expectation that insurers should communicate to all impacted policyholders what this judgment means for their claim and should move quickly to resolve claims as determined by the judgment, making interim payments wherever possible.