UK Supreme Court orders insurers to pay claims to small firms for Covid lockdown losses

Thousands of small businesses are set to receive previously refused insurance claim payments covering losses from the first national lockdown last year, following a court ruling. Supreme Court judges found in favour of small firms receiving payments from Business Interruption Insurance policies. The ruling provides a lifeline to thousands of small businesses, allowing them to survive the coronavirus crisis, but could cost the insurance sector hundreds of millions of pounds and lead to higher premiums in the future. The financial watchdog, the Financial Conduct Authority (FCA), brought the test case, with eight insurers agreeing to take part in proceedings. The major business insurer Hiscox... Full article...and more at www.moneytipsdaily.com Other Money News · HSBC to close 82 branches in the UK · China’s economy grew by 6.5% in last quarter of 2020 · As London’s populations falls, will City Centres recover? · Mastercard may have to pay millions of cardholders compensation following court ruling See also: Have you applied for the new lockdown grants? By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast. See more articles at www.moneytipsdaily.com There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.