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Are you entitled to a share of £1.2 bn in COVID compensation?
One of the biggest verdicts in the history of the UK legal system has been delivered and many business leaders have no idea it’s even happened. Bird & Bird explain how you could be missing out on claiming under your Business Interruption insurance policyBook your seat
Watch the full interview with Russell Williamson from Bird & Bird here
One of the biggest verdicts in the history of the UK legal system has been delivered and many business leaders have no idea it’s even happened. Do you have a Business Interruption insurance policy? If so, be sure to watch this interview.
Last year, we spoke to Russell Williamson, Senior Associate at law firm Bird &: a renowned law firm with 1,300 lawyers across 29 offices globally, about the landmark test case that was taken to the highest court in the land by the Financial Conduct Authority (FCA). The case was subject to appeals and the details were still being considered.
But now businesses up and down the land are celebrating the Supreme Court’s ruling, ensuring that some of the nation’s leading insurers will have to pay out on disputed coronavirus business interruption claims. These payouts are estimated to amount to a staggering £1.2 bn and you may be entitled to it.
We caught up with Russell again to discuss the verdict and the next steps you should take to see if you’re entitled to compensation. Here’s what we covered in the discussion:
- Many businesses may have seen in the news that the Supreme Court issued a judgment in the FCA test case on Covid-19 and Business Interruption insurance. Are you able to explain the relevant background to this latest development? (1:01)
- So what did the Supreme Court decide – did it find in favour of the FCA and policyholders, or the insurers? (5:04)
- Are there any particular findings in the Supreme Court judgment that businesses should be aware of? (6:30)
- Are there any outstanding issues that the Supreme Court judgment didn’t cover – for example, is it the case that businesses can claim Business Interruption losses in relation to the later lockdowns that happened last year? (12:48)
- Following the judgment, what is the impact on insurers now? (14:41)
- And what steps should businesses with BI policies now be taking? (16:04)
- How can people get in touch for more information about this issue? (20:15)
If you would like to get hold of the Bird & Bird team for more information, give them a call on 020 7415 6000 or email Russell at firstname.lastname@example.org.
Be sure to have a look at the Business Interruption Insurance and COVID tracker on the Bird & Bird website.