The key highlights include:
-- BI insurance policies typically cover losses resulting from physical damage to the insured premises; however, certain BI policies might cover losses in the absence of physical damage, including those caused by the actions of a civil authority, which is UK customers’ main argument for claiming business losses through their policies.
-- The FCA is moving forward with a court case that will examine a representative sample of BI policy wordings in the UK. The FCA’s goal is to provide clarity on the interpretation of BI policies across the British insurance industry.
-- DBRS Morningstar believes that the court case could expedite the resolution of unresolved or denied claims in the UK, which could ultimately affect the global insurance industry given the relevance of the London market.
Full DBRS Commentary
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