The Financial Conduct Authority (FCA) has rejected the defences presented by eight insurers for refusing to pay COVID-19 business interruption (BI) claims, insisting the insurance companies have been “unduly restrictive” in their interpretation of policy terms.
In June, Arch Insurance, Argenta Syndicate, Ecclesiastical, Hiscox, MS Amlin, QBE UK, Royal & Sun Alliance and Zurich Insurance argued that their policies were not designed to cover pandemics, and business owners would have likely incurred the same losses had they maintained operations during the lockdown.
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