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Insurers must pay businesses for Covid-19 losses, UK FCA and action group argue in court filings

( July 13, 2020, 13:10 GMT | Official Statement) -- MLex Summary: Insurers including Hiscox and Zurich Insurance should not have rejected policyholders’ claims for payouts due to losses as a result of Covid-19, the UK Financial Conduct Authority and two action groups have said. In their skeleton arguments to the High Court, Hiscox Action group, Hospitality Insurance Group Action and the FCA argue that their business-interruption cover extends to losses that arose due to enforced closure of their companies by the government during the height of the pandemic. The FCA said in its skeleton argument that the eight defendants “are wrong to reject policyholders’ claims and/or are wrong in the way in which they have addressed the causation of insured losses.” The FCA is taking the side of the policyholders for the purpose of the High Court test case.The documents are attached....

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