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Hospitality heavyweights are calling on policy holders in the sector who have had their business interruption claims rejected, to check the wording of their policies against the Financial Conduct Authority's sample policy wording set to be examined in a test case.
The FCA is moving quickly to file its action in the High Court to seek clarification on the interpretation of business interruption policy wording.
The FCA released an update on Monday which identified the representative sample of policy wordings to be examined in the test case, as well as the insurers who have agreed to be involved in the action. Policy holders have until 3pm on Friday, June 5 to comment on the representative sample, to ensure their wording is captured in the test case and the interests of the sector are fully represented.
Kate Nicholls, CEO of UKHospitality said: “So many stakeholders have come together on this crucial matter. We now have a final sprint towards the deadline, to make sure that hospitality’s insurance plight is properly heard. A central ask of UKH’s #Fair4Hospitalty campaign is a resolution to insurance claims. With the support of leading law firm, Taylor Wessing, and Black & White Hospitality, we are urging all hospitality businesses to get in touch, so the industry's voice is heard and any relevant wording not covered by the proposed test case is included."
UKHospitality, which is already supporting Black and White Hospitality’s crowdfunding venture to have hospitality cases reviewed for challenge, have now partnered with leading international law firm, Taylor Wessing in relation to the FCA action. The legal expertise will add further valuable resources as the organisations consider how the FCA court action impacts on the business interruption insurance claims of policy holders in the hospitality sector.
Richard Bursby, Partner at Taylor Wessing said: “The FCA’s process for this action is moving at warp speed. This is necessary so that policy holders can quickly understand their position once the court clarifies some of the key issues around what is covered. The FCA are aiming for a hearing in mid-July. However, policy holders have just days to review their policies against the FCA's representative sample. Taylor Wessing is proud to assist hospitality in this initiative, as legal experts in a sector that has been hardest hit hard by the pandemic and currently has had little by way of insurance pay-out.”
The insurance sector has rejected the vast majority of hospitality firms’ claims against business interruption policies which were taken out in good faith, leaving many companies on the brink of financial ruin.
Rob Atkinson, lawyer at Black & White Hospitality, added: “We have been deluged with policies but now have this last chance to widen the scope of the court action - I urge any hospitality business that thinks it has a relevant policy to send it to us.”
If your claim has been rejected, check your policy against the FCA's representative sample here https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-proposed-representative-sample-of-policy-wordings.pdf and if you feel that yours should be included in the FCA's test case, or for more information, please email [email protected] with details.
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‘We are urging all hospitality businesses to get in touch, so the industry's voice is heard’
Coronavirus: 62% of people plan to spend as much or more than they did before on eating out
The coronavirus pandemic has changed public attitudes towards those considered "unskilled"
Coronavirus: furlough job retention scheme extended until October
Coronavirus: ‘My industry wants to go back to work, we can do this, but we need clear guidelines’
Coronavirus: Male chefs among those most likely to die with COVID-19, says Office of National Statistics
Coronavirus: Will the hospitality industry be able to start reopening in July?
KnifeOfBrian: Tips and ideas to keep chefs sane through Coronavirus lockdown
Coronavirus: ‘There will be no cliff edge to the furlough scheme’
Coronavirus: 'We can't be their bank because we're having to be our own bank at the moment'
Coronavirus: ‘One of the really distressing new things is the hospitality homeless’
