Business Owners – Be informed!
Landmark judgement provides clarity on business interruption insurance.
The judgement made in a UK High Court matters in South Africa where the wording in insurance policies is similar to the UK. Many policyholders whose businesses were affected by the Covid-19 pandemic have suffered significant losses, resulting in large numbers of claims under business interruption policies.
The judgment is complex, running to more than 150 pages, and while it brings welcome news for many policyholders, it does not issue a blanket judgment across all of the 21 different types of policy wording in the representative sample. Each policy will have to be considered against the detailed judgment to work out what it means for that policy.
Although as mentioned above it does not issue a blanket judgement, each policy will have to be considered against the detailed judgement so please take the time to thoroughly study the contents in this article and do find out if your company qualifies to submit a claim under business interruption.
