The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
ARCHIVED: This Practice Note covers the first instance decision of The Financial Conduct Authority v Arch Insurance. It has been archived and it is not maintained. For information concerning coronavirus (COVID-19) and business interruption insurance, including consideration of The Financial Conduct Authority v Arch Insurance, see Practice Note: Coronavirus (COVID-19)—FCA non-damage business interruption insurance test case.
STOP PRESS: The decision of The Financial Conduct Authority v Arch Insurance, was handed down on 15 January 2021. See: LNB News 15/01/2021 107.
Business interruption insurance has typically been sold as an extension to commercial property policies. Most business interruption cover requires that any such losses result from damage to insured property. There is, however, no standard form of business interruption insurance and some insurers offered policies with additional triggers for business interruption cover, such as denial of access or closure by a public authority.
Many businesses have sought to claim under their business interruption insurance for coronavirus (COVID-19) losses but few have been indemnified. Aggrieved policyholders were vocal and the mainstream press critical of the insurance industry’s response. Both have, however, overlooked the complex legal issues that have arisen in the context of coronavirus business interruption, which, unlike conventional perils such as fire or flood, cannot so easily be located at a particular place and time. These matters were clarified by the first instance decision in the FCA test
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Private nuisancePrivate nuisance is an unlawful interference with a person's use or enjoyment of land or some right over or in connection with it. Interference must be unreasonable, and may be caused, eg by water, smoke, smell, fumes, gas, noise, heat or vibrations. Where the defendant has not
Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
This Practice Note provides a high-level introduction to diversity and inclusion (D&I) and key reasons why it is important to law firms. Specific aspects of D&I are covered in more detail in Practice Notes:•The growing focus on diversity and inclusion (D&I) in law firms•Unconscious bias—law
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.