FCA LAUNCHES COVID-BI POLICY CLAIMS CHECKER

The Financial Conduct Authority has launched a business interruption insurance policy checker. The online tool enables small businesses to check if their commercial insurance policy will cover business interruption losses due to the coronavirus pandemic. It is based on the outcome of the FCA’s test case and follows the Supreme Court’s recent definitive ruling in favour of policyholders. The FCA brought the test case against eight insurers to clarify whether non-damage BI extensions in property insurance would respond to Covid-19 and government lockdowns. The policy checker enables businesses to compare their policy wordings to the 21 policies examined in the test case. It will then indicate whether a given policy is likely to provide cover and give information about how to make a claim.