Announcement from the Financial Conduct Authority

The financial regulator covering insurance, the Financial Conduct Authority, has announced that it will be seeking a court decision to resolve the contractual uncertainty of claims for Business Interruption cover.  It is intending to gather the most common areas for claims uncertainty in insurer wordings and have a court declaration resolve these issues, hopefully allowing customers to make a valid claim where uncertainty was used to decline a claim.  Below is an extract from the statment given by the FCA on the 01/05/2020 and we of course will be keen too know the outcome of such a legal proceeding to be able to accurately inform our clients.

‘Today, the FCA is announcing that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance cover. This is due to continuing and widespread concerns about the lack of clarity and certainty for some customers making business interruption claims, and the basis on which some firms are making decisions in relation to claims.

We are intending to take this action in the public interest to advance our consumer protection and market integrity objectives. We believe the circumstances of the current coronavirus (Covid-19) emergency, and its effect on businesses holding BI policies means that any uncertainty needs to be resolved as quickly as possible.

It should be noted that this intended action by the FCA, which we hope to place before the courts in an agreed and urgent manner, is not intended to encompass all possible disputes, but resolve some key contractual uncertainties. This will assist both insurers and the insured. It will not determine how much is payable under individual policies, but will provide the basis for doing so.’

FCA Statement – insuring SME’s: business interruption 01/05/2020 

Accredited

Medical Insurance Consultants Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 309026.

Personal

We are committed in providing a first class service to all our clients, not just when you take out a policy, but throughout the life of your policy. We make sure that you have the support and advice needed when it comes to claiming.

Professional

We have been operating for over 30 years specialising in the insurance needs of healthcare providers and professionals. Our aim is to continue to develop, innovate, improve and reduce the cost of insurance for all our clients and future clients.

Contact us today to see how much we can help you save

Let us provide you with a quote and you can see the benefits for yourself

Call our team


    Latest news from the industry

    We are able to provide insurance products specifically for GP Practices, Consultants Private Practice, Dental Practices, Private Clinics / Hospitals, Veterinary Practices and other healthcare professionals, such as Chiropractors, Opticians and Care Homes.

    • Learning to navigate Medical Indemnity Insurance with MIC

      13 March 2024

      Learning to navigate Medical Indemnity Insurance with MIC

      Read Post
    • Understanding Medical Indemnity Insurance for Healthcare Professionals

      20 February 2024

      Understanding Medical Indemnity Insurance for Healthcare Professionals

      Read Post
    • Understanding MIC’s Professional Indemnity Insurance

      2 January 2024

      Understanding MIC’s Professional Indemnity Insurance

      Read Post
    • 2017/18 GMS Contract Changes – What Does It Mean For My Locum Insurance?

      3 May 2017

      2017/18 GMS Contract Changes – What Does It Mean For My Locum Insurance?

      Read Post
    • Non-Disclosure Deliberate or Accidental?

      7 November 2016

      Non-Disclosure Deliberate or Accidental?

      Read Post
    • Budget increase kicks in tomorrow

      30 September 2016

      Budget increase kicks in tomorrow

      Read Post
    • Stresses and Strains!

      4 April 2016

      Stresses and Strains!

      Read Post
    • We Started To Change Locum Insurance Cover Nearly 20 Years Ago

      22 January 2016

      We Started To Change Locum Insurance Cover Nearly 20 Years Ago

      Read Post
    • GP’s Indemnity costs for extended/weekend working hours

      13 August 2015

      GP’s Indemnity costs for extended/weekend working hours

      Read Post
    • How Much Longer Will It Keep Going? – Medical Indemnity costs

      2 July 2015

      How Much Longer Will It Keep Going? – Medical Indemnity costs

      Read Post

    © MIC 2023

    Terms of Business

    Privacy Policy

    Sitemap

    Website by Aztec Media