Businesses around the world have been affected by extensive disruption and/or closure as a result of the Coronavirus pandemic. This had led to enormous financial loss in addition to other economic and personal hardships. Many businesses have made claims to seek to recover these financial losses under their Business Interruption (BI) insurance policies. Our BI tracker lets you see at a glance how the regulators and courts in a variety of jurisdictions view these policies and the coverage claims that have been made.
There has been a universal concern about the lack of clarity regarding the meaning of certain BI policy wording, the outcome of these claims, and how the insurance industry is making decisions in relation to them. This uncertainty has resulted in some regulators stepping in to resolve the contractual ambiguity regarding these claims and, in the case of the UK, actually bringing a test case in the courts to determine how the wording of the policies should be interpreted. Our tracker will keep you up to date regarding these developments.