Commenting on the decision made by the High Court on 15 September 2020 on the landmark Business Interruption Insurance case, Rafi Saville, forensic partner at accountancy firm HW Fisher said:
“This a landmark case and one of the most controversial legal issues resulting from the coronavirus crisis. Today’s decision will affect over 400,000 small and medium businesses particularly in the leisure, property and hospitality industry who were forced to close their doors back in March. The ruling is likely to considered as a partial victory and it could have a ripple effect for the entire marketplace, with its conclusions likely to be applied to other affected claims. However, the decision today could possibly add to the confusion experienced by many business owners.
“It is now crucial for these businesses to pay attention. Although the ruling may well be subject to an appeal, it becomes even more necessary for businesses to consult their insurance documentation with a view to understanding whether their Covid related losses will be covered. At this early stage, we understand that policies covering “notifiable diseases” will be covered under the ruling.”
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By GlobalData
