COVID-19: FCA Sends Message to Insurers on Business Interruption CoverApril 2020
Earlier this month, we considered the decision handed down by the Canadian Courts in the case of MDS Inc v Factory Mutual Insurance Company. In this case, the Court adopted an interpretation of physical damage which suggested that losses caused by and/or arising out of COVID-19 are recoverable by insureds under their business interruption cover.
In this article, Joe Bryant and Giles Tagg consider how the Financial Conduct Authority (“FCA”) has gone one step further (as of 15 April 2020) by confirming their views on how insurers should be dealing with business interruption claims made by SMEs.
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