Following the Supreme Court test case on a range of business interruption insurance policies, businesses in the hospitality sector can now confirm if they are able to make a claim via a new service from the Financial Conduct Authority.
The FCA’s Policy Checker takes businesses through a process whereby they can check to see whether their insurance policy covers business interruption losses due to coronavirus.
The two main elements that policyholders need to check are:
– the extent of their cover including how long it covers them for (length of their indemnity period)
– what losses are included – such as loss of profit, fixed costs or increased costs of working.
Each claim will still need to be individually considered to determine whether the policy provides cover for the effects of coronavirus.
In addition to the Policy Checker, the FCA has also developed some FAQs which gives business further information on how to make a claim, the disease clauses in policies, what to do if they have already made a claim or complaint and what they can claim for.