“Today’s decision by the High Court marks a significant milestone in a process that at its heart has been about understanding the extent to which business interruption insurance provides cover under the unprecedented conditions we experienced over the last two-and-a-half years,” Hall stated
John Berrill, principal at regulation agency Berrill and Watson, who’s representing business prospects, estimated between 1 / 4 and half of corporations with business interruption cowl might have viable claims.
However, Berrill stated many corporations had been dissuaded from placing in claims by insurance corporations, and within the small variety of circumstances the place insurers had been assessing how a lot to pay out they had been “taking every point they can”.
“There are thousands of businesses that have still got viable claims, and the problem is that very few of them have actually made claims,” stated Berrill, who can be concerned with class actions in opposition to QBE and Lloyds over business interruption cowl.
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