Irish Insurers Warned Over Delayed Virus Biz Claims Payouts

Law360, London (February 12, 2021, 11:25 PM GMT) -- Ireland's financial watchdog said it will "take action" if insurers drag their heels on making payments to small businesses forced to close for pandemic lockdowns, after a court found in favor of policyholders.

Gabriel Makhlouf, governor of the Central Bank of Ireland, said Thursday that insurers must interpret policy wordings "in favor of their customers" where there are disputes over meaning.

The warning comes after the country's High Court backed four pubs on Feb. 5 in a test case over business interruption insurance that could mean at least a thousand other companies may be in line for a payout from insurers....

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