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UK FCA takes SME insurance policies to court to get legal clarity on claims

By Fiona Maxwell ( May 1, 2020, 09:12 GMT | Insight) -- The UK financial services regulator is going to court to get clarity over whether insurers should pay out on cover for small businesses hit by the Covid-19 pandemic. The Financial Conduct Authority said today it intends to obtain a court declaration to settle the issue of the meaning of policy wording in business-interruption insurance. When purchasing such cover, many SMEs believed they were insuring themselves against situations like the current crisis — but have seen their claims rejected. The UK financial services regulator is going to court to get clarity over whether insurers should pay out on cover for small businesses hit by the Covid-19 pandemic....

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