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FCA TEST CASE – Business Interruption Insurance

19th Sep 2020

The Financial Conduct Authority v Arch Insurance (UK) Limited and others [2020] EWHC 2448 (Comm)

Jonathan Gaisman QC, Adam Fenton QC and Harry Wright, with Miles Harris of 4 New Square were instructed by Allen & Overy and represented Hiscox Insurance Company Limited in this matter. This expedited case was the first ever under the Financial Markets Test Case scheme.

It was launched by the FCA in June 2020 against eight chosen insurers in order to put before the courts issues of major importance in relation to whether and if so, how, business interruption insurance policies respond to losses related to COVID-19.

The case was heard by Flaux LJ and Butcher J, judgment being handed down on 15 September 2020 with a consequentials hearing on 2 October 2020.

The judgment may be found here.