UKHospitality has partnered with law firm Taylor Wessing to assist the FCA in its move to file a business interruption high court action and seek clarification in policy wording
The Financial Conduct Authority (FCA) has 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. It is giving policy holders until 3pm on 5 June to comment on the sample.
'So many stakeholders have come together on this crucial matter,' said Kate Nicholls, CEO of UKHospitality (UKH). 'We now have a final sprint towards the deadline, to make sure that hospitality’s insurance plight is properly heard.
The sector has been hardest hit by the pandemic and currently has had little by way of insurance pay-out
'A central ask of UKH’s #Fair4Hospitality 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.'
'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,' said Richard Bursby, partner at Taylor Wessing.
'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 by the pandemic and currently has had little by way of insurance pay-out.'
Rob Atkinson, lawyer at Black & White Hospitality, commented that they had been 'deluged with policies' but now have the opportunity to widen the scope.
If your claim has been rejected, check your policy against the FCA's representative sample and email email@example.com if you feel your policy should be included.