The Meetings Industry Association has welcomed today’s high court ruling on business interruption insurance polices, which suggests COVID-19 claims should be paid in most cases if policies had pandemic or notifiable disease clauses.
Jane Longhurst, chief executive of the Meetings Industry Association said:
“We know from our recent industry survey that 92% of respondents stated that their financial losses to date have not been covered by their insurance policy, so this test case is promising news for the many who have suffered immeasurable losses due to the ramifications of the pandemic.
“In light of today’s landmark ruling that examined 21 policy wordings used by 16 insurers, we are advising the sector to revisit their existing, as well as any previously outstanding policies, where the policyholder may deem themselves eligible to make a claim under pandemic or notifiable disease clauses.
“As highlighted by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), insurers must now reflect on previous clarity provided irrespective of any possible appeals, while also communicating the next steps on how they can progress claims.
“While the FCA is expecting this activity to be conducted in a rapid manner, we are advising the sector to directly contact their insurer as soon as possible to seek further explanation and investigation into any potential claims.”