Insurers Reject 'Heretical' FCA Stance In Biz Interruption Trial
Law360, London (July 23, 2020, 4:56 PM BST) -- The Financial Conduct Authority is discarding established legal principles so that small businesses will now be covered for losses during the pandemic, insurers said Thursday in a major High Court test case over cover for business interruption.
The trial could decide whether insurers pay out on claims to almost 400,000 businesses forced to close during the lockdown. (AP)
Gavin Kealey QC, speaking on behalf of eight insurance companies acting as defendants, said the regulator's arguments ran contrary to legal approaches that have been used to determine whether insurers are required to pay out on claims in previous cases.
The trial, taking...
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