Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
The night life industry and broker NDML call on the provider to "accept that the time to pay has arrived" in open letter to Hiscox MD.
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court judgment today in the FCA's BI test case and those with prevention of access wordings may also find they have cover, law firm…
MD Simon Mabb, along with the Night Time Industries Association, says he is both “pleased and frustrated” at the ruling from the High Court, as he notes Hiscox claims have been deemed legitimate, but the QBE result is “still unclear”.
The High Court today found in favour of the FCA and policyholders on the majority of the key issues under scrutiny in the business interruption test case.
The action group, which is also a claimant in the FCA BI test case, started legal proceedings against Hiscox earlier this year after the provider rejected coronavirus-related business interruption claims.
The provider has also reserved $232m for Covid-19 related claims as it reports H1 2020 numbers.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
The arguments set out by Hiscox in its defence over non-payment of business interruption arising from Covid-19 are too narrow, unrealistic and uncommercial according to Hiscox Action Group.
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.
Brokers brought into fray as providers file a variety of defences including proximate cause and the ‘Sweden defence’ in the landmark case to determine the validity of BI claims arising from the coronavirus pandemic.
Group u-turns on desire to be part of FCA case as Hiscox continues to assess its separate arbitration claims.
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
Hiscox Action Group wants a former Court of appeal Judge to act as sole arbitrator as Covid-19 business interruption dispute continues.
The regulator's updated preliminary list shows that the scope of the legal proceedings has been extended to cover a total of 91 policy types.
The legal firm is pursuing a £52m claim against Hiscox and planning its own test cases and representing dentists in dispute with QBE.
Seventeen wordings will be assessed as part of the test and the FCA list shows 34 Hiscox policies affected so far, as regulator says list is a "representative sample" which is "not comprehensive".
Law firm Edwin Coe is advising two groups of businesses who have had their BI claims rejected by Hiscox and RSA.