Insurance companies were trying it on, and thankfully the Supreme Court decided for the businesses.
The policies said they would pay out and pay out they will.
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| A boost for the economy ? http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=1&t=36557 |
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| Author: | edders23 [ Sun Jan 24, 2021 10:20 am ] |
| Post subject: | A boost for the economy ? |
Supreme court rules against insurers Six of the world’s largest commercial insurers - Hiscox, RSA, QBE, Argenta, Arch and MS Amlin - said many business interruption policies did not cover widespread disruption after the UK's first national lockdown last March. But senior judges said many payouts should be triggered after scrutinising non-damage insurance policy clauses, which cover disease, denial of access to business premises and hybrid clauses. The Financial Conduct Authority (FCA) said it would be working with insurers to ensure they quickly settled claims they were now required to pay and to make interim payments if possible. The FCA took insurers to court last June in a case expected to have ramifications for 370,000 policyholders, 60 insurers and billions of pounds in claims because many policies have similar wordings. |
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| Author: | wannabeeahack [ Sun Jan 24, 2021 2:58 pm ] |
| Post subject: | Re: A boost for the economy ? |
premiums will rocket next year to recover payouts insurers are are like dodgy bookies, they never lose |
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| Author: | heathcote [ Sun Jan 24, 2021 8:26 pm ] |
| Post subject: | Re: A boost for the economy ? |
wannabeeahack wrote: premiums will rocket next year to recover payouts insurers are are like dodgy bookies, they never lose Agree, but this will be for every insurance policy what ever it is covering, in all probability the likes of us will be hit most hardest because we have to have a particular type of cover by LAW. |
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| Author: | Sussex [ Sun Jan 24, 2021 8:39 pm ] |
| Post subject: | Re: A boost for the economy ? |
Insurance companies were trying it on, and thankfully the Supreme Court decided for the businesses. The policies said they would pay out and pay out they will.
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| Author: | wannabeeahack [ Tue Jan 26, 2021 11:02 am ] |
| Post subject: | Re: A boost for the economy ? |
heathcote wrote: wannabeeahack wrote: premiums will rocket next year to recover payouts insurers are are like dodgy bookies, they never lose Agree, but this will be for every insurance policy what ever it is covering, in all probability the likes of us will be hit most hardest because we have to have a particular type of cover by LAW. A few will claim, EVERY policy will go up 5%......win/win for insurers again |
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