Supreme Court decision is a ‘financial vaccine’ for struggling businesses
However, insurance premiums are likely to increase as ‘insurers seek to recoup some of their losses’
The Supreme Court’s ruling on 15 January regarding Covid-19-linked business interruption (BI) claims will serve as a “financial vaccine” for struggling businesses as insurers had their appeals dismissed by the highest court in the UK.
Following an oral and written statement, the Supreme Court confirmed on Friday that appeals made by the FCA and lobby group the Hiscox Action Group (HAG) would be permitted, while those made by insurers have been dismissed.
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