Business Interruption Insurance – Bridge Policies via Covéa Insurance Plc – updated 14th August 2020

Many of you will have seen our previous article relating to Business Interruption policies through Covéa Insurance plc (Covéa) https://www.balens.co.uk/news/business-interruption-insurance-bridge-policies-via-covéa-insurance-plc-updated-30th-july-2020.aspx

The Financial Conduct Authority (FCA) have recently clarified that the judgement ruling, following the recent test case, is not likely to be heard until mid – September. This date may change.

Initially, the judgement will be released to those parties (Action Groups and Insurers) that were part of the court case. The implications for other Insurers/Intermediaries and how guidance may affect them (Covéa) may take longer to become known. It should be noted, that appeal proceedings could be undertaken by one of the involved parties (within the framework agreement) which, will delay mattes even further. In view of the above, it is clear that matters will not be finalised quickly.

Naturally, Balens will continue to monitor the situation and take appropriate action. Covéa have confirmed that they will not undertake any further action or communicate further with Policyholders, until they have further clarity from the FCA case.

May we take this opportunity to remind you, there are options available for affected Policyholders regarding notification of potential claims – please review the article link above for full details.

As always, Balens main priority is to support our Policyholders. Therefore, if you have any concerns and/or queries relating to the above issue, please email the dedicated inbox: ComBus@balens.co.uk