FCA launches business interruption insurance policy checker

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“The policy checker helps you check whether your policy wording is the same or very similar to the 21 ‘representative sample’ policies considered by the courts in the FCA test case,” the regulator tells users of the auditor on its website.

“If so, the decisions of the High Court and the Supreme Court provide important guidance on how your policy should be interpreted and the strength of your claim, based on the wording of your policy. “

Read more: FCA outlines next steps after test case decision

According to the FCA, the policy checker will indicate whether a policy is likely to provide coverage, while the frequently asked questions posted by the watchdog will provide more information on how to make a claim.

The regulator, however, underlined: “The typical case does not take into account the claims of individual policyholders on their specific facts. Each claim will need to be considered individually to determine if the policy covers the effects of the coronavirus.

“Insureds should check the extent of their coverage, including the length of time it covers them (length of their indemnity period) and the losses included – such as loss of profit, fixed costs or increased costs. labor costs. “

The FCA Police Checker can be accessed at fca.org.uk/decision-tree/business-interruption-insurance-policy-checker.


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