The court has ruled that insurers must pay out to hundreds of thousands of companies forced to close during the UK’s first coronavirus lockdown, ruling in favour of the Financial Conduct Authority (FCA), over policyholders with business interruption cover.
The result of the landmark judgment has implications for hundreds of thousands of businesses that were forced to close during the coronavirus pandemic, including thousands of nurseries.
The FCA said that ‘tens of thousands of small firms’ and ‘potentially hundreds of thousands of jobs’ were affected, and that insurers should move quickly to make payouts on claims that the judgment said should be paid.
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