Insurance Standards Body Urges Clarity Over Policy Wordings

Law360, London (September 15, 2020, 2:34 PM BST) -- Insurers should take proactive steps to ensure that something like the Financial Conduct Authority's test case on business interruption liability is never required again, a U.K. standards body for the sector said on Tuesday.

The Chartered Insurance Institute said there should be a consensus among professionals so that the same words used in different contracts mean the same thing.

The CII, which provides professional qualifications for the sector, is concerned that the legal dispute may have damaged trust in the industry.

The warning comes on the same day as the highly anticipated judgment in the test case brought by the FCA,...

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