Overview
Law360 quoted London partner Angus Rodger in an article titled "What to Look for During the FCA's Biz Insurance Showdown." The article, published July 1, previews an upcoming UK High Court trial that will determine whether insurers are liable to pay out on claims for business interruption made by companies that closed during the pandemic. According to the article, thousands of small businesses across the United Kingdom could see their financial futures turn on the test case brought by the Financial Conduct Authority (FCA), an action that could set new precedents for insurance law and the speed of the legal process.
Rodger says: "The place where it might go off the rails is the time producing the judgment. It's likely to be a lengthy document, which could take several months."
The FCA entered into a so-called framework arrangement with insurers in May, which would allow either side to appeal the ruling. Rodger says that, in the case of an appeal from first instance, it could typically take from a year to 18 months to get a court slot. "Given the prominence of the issues, the court would probably expedite it to some extent. But it will still take time to get a hearing — and again, to write the judgment," he adds.
The full article can be read at Law360 (subscription required).
