Regulatory Alerts2020-12-10
Added · Updated
Final Guidance: Business interruption insurance test case - proving the presence of coronavirus (Covid-19)
The Financial Conduct Authority provides guidance on how policyholders, insurers, and intermediaries may prove the presence of Covid-19 within a Relevant Policy Area to satisfy business interruption insurance claims. The document outlines specific evidence types, including NHS and ONS death data, reported cases, and statistical methodologies, while establishing that insurers must accept cogent evidence as sufficient to discharge the policyholder's burden of proof. It further requires insurers to handle claims fairly by accepting evidence from one policyholder for others with substantially overlapping areas and to alert relevant customers about this guidance and the FCA Covid-19 Calculator. This guidance applies to insurance contracts in force during the UK Government's March 2020 pandemic response and remains in effect until 31 January 2022.
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