Businesses throughout the country have been sweating over cashflow and the effects of the pandemic are still being tallied with no end in sight. However, a landmark test-case, brought by the Financial Conduct Authority (FCA), means that owners of business interruption insurance may be eligible for pay-outs.
We spoke to Russell Williamson, Senior Associate at renowned international law firm Bird & Bird, to find out why owners of business interruption insurance should review their policies now.
Watch the full interview with Russell Williamson from Bird & Bird here
Here’s what we discussed in the interview:
- Many will have seen reports in the press about businesses looking to claim under their Business Interruption (BI) insurance policies in relation to losses they have suffered during the COVID-19 lockdown. What is the scale of this issue? (1:10)
- Can you explain what Business Interruption insurance is and what it specifically covers? (4:35)
- You mentioned earlier that a test case has been brought in the UK. What is the significance of that? (10:12)
- Will the Court’s decision be binding on insurers, meaning that they will have to pay out to relevant policyholders? (13:35)
- So if you are a business which has a BI policy and you have taken a hit during lockdown, what steps should you now be taking? (16:01)
- How do people get in touch with you for more information? (20:25)
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.