Webinar: FCA Business Interruption Insurance Test Case – Supreme Court Appeal
Slides & info to download
This comprehensive and interactive one-hour webinar will focus on the judgment of the Supreme Court following the appeal of the FCA’s ground-breaking test case at the High Court which was heard in July 2020. The appeal concluded on 19 November 2020 and the judgment was handed down on 15 January 2021. Four days were spent setting out starkly differing views.
Despite the court having found against insurers it would appear that wranglings are still taking place and clear declarations are now awaited. The FCA consider some 370,000 insureds have had payments denied but it is still down to individual wordings as the appeal only considered 11 wordings in detail from 6 insurers. However, we do appear to have agreement that a composite cause has operated – covid + government regulations + the public response. This case is momentous as it sets set clear precedent as to the clarity of wordings in all classes of cover thus ensuring policies are understood easily by all parties.
At the same time it will highlight the ongoing exposure for insurance brokers all of whom will have arranged these policies for clients and encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring they are not blamed for having sold policies that have not fully catered for the needs of clients.
By the end of this webinar you will gain insights into:
- The Supreme Court judgment - Disease and Prevention of access clauses, Causation, Trends clauses and Pre-trigger losses;
- What insurers now have to do;
- Is there a threat to brokers?
It is relevant to general insurance brokers/intermediaries, their insurers, and any other market participants.
Branko Bjelobaba FCII has worked for 33 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 17 years. He works closely with BIBA (and has published its compliance manual since 2004) and the CII and has provided many well-received (even entertaining…) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
Joining instructions are sent with your booking confirmation. If you are unable to attend, please cancel at your earliest convenience to allow another member to attend.
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1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.