Context
The FCA and the other parties to the test case have made written submissions to the Supreme Court on the form of the declarations to be issued by the Court.
The declarations will be the culmination of the judgments in the test case and will declare whether the policies in the representative sample potentially cover business interruption (BI) losses arising from the coronavirus (Covid-19) pandemic.
Key points to note·
- The FCA has published the following documents:
- Draft declarations showing the parts that are agreed and which remain in dispute. The draft declaration is a word document which can be viewed here: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-fca-v-arch-draft-declarations.docx
- The submissions of the FCA: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-fca-consq-submissions.pdf
- Joint submissions of Arch, Agenta, Hiscox, MS Amlin, QBE and RSA in relation to common declarations: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-insurers-joint-submissions-draft-declarations.pdf
- Submissions of Arch Insurance in relation to its specific declarations: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-submissions-of-arch-in-relation-to-declarations.pdf
- Joint submissions of Ecclesiastical Insurance Office and MS Amlin Underwriting Limited: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-written-submissions-ms-amlin-ecclesiastical-form-of-declarations.pdf
- Submissions of Hiscox Insurance Company in relation to its specific declarations: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-hiscox-submission-draft-declarations.pdf
- Submissions of Royal Sun Alliance Insurance in relation to its specific declarations: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-rsa-submissions-on-declarations.pdf
- Submissions of the Hiscox Action Group: https://www.fca.org.uk/publication/corporate/bi-insurance-test-case-hag-consequential-submissions-for-service.pdf
- The FCA expects the Supreme Court will issue the declarations without a further hearing but are unsure as to when this will happen
- The FCA believes the judgement from the Supreme Court gives insurers the clarity needed to conclude claims processes with most BI customers without waiting for the declarations