The FCA Supreme Court Test Case update Overview The Supreme Court handed down judgment on the 15th January 2021 on the FCA Business Interruption Test Case. It held resoundingly in favour of the FCA (on behalf of the policyholders) in relation to all types of clause under consideration – “Disease” clauses, “Prevention of Access”…
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Tag Archives: covid-19
Update: Business interruption extensions to COVID-19
Update: FCA Test Case: Business interruption extensions to COVID-19 The Supreme Court judgment in the FCA Business Interruption Test Case was published on Friday 15th January 2021. The Supreme Court did find in favour of the FCA and policyholders on the areas of dispute on eight insurers in the test case. Please…
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Delays in road traffic accident claims
Claimants for compensation on road traffic accidents are having to wait for more than a year before being heard in court. The existing backlog in UK courts has only been aggravated by the pandemic, and a UK Insurer has calculated that around £240m worth of current claimant damages have been tied up in the…
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Why every business needs cyber insurance
With millions of employees working from home, the risk of cyber breaches is higher than ever. The reason working from home increases the risk of cyber attacks is due to: Weak network security – Multiple entry points for each business network – Family members on WIFI – and more. 60% of SMEs that suffer a…
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Cyber insurance is set to become vital after Covid-19
Although most businesses have always seen cyber insurance as a necessity, many will now realise its utmost importance in keeping them protected. The risk of cyber attacks has grown exponentially due to many working from home, leaving small businesses vulnerable to attack. Since 2015 there has been a 300% increase in small and medium size…
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Are companies looking to rely on remote working?
An online survey of insurers’ changing priorities as a result of the COVID-19 pandemic by consultancy firms show a major focus on remote working for 2020 and 2021. The survey, which covered around 25 insurers globally, took place between 31st May and 11th June. Only 8% were very confident that the coronavirus pandemic will be…
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5 tips to keep employees safe when returning to work
As businesses return to work across the country, many employees will be worried about safety. Follow these five tips to keep your business safe and give your employees peace of mind. 1 Install hygiene screens – these will prevent contact between employees sitting next to each other at desks. By creating this barrier between work…
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Directors & Officers premiums on the rise
Directors and officers liability insurance rates will likely more than double for some sectors in the wake of the COVID-19 pandemic, as insurers respond to increased shareholder litigation over the past three years and future litigation over coronavirus-related exposures, according to a report by A.M. Best. The report rating agency noted that rates have already…
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Cost of motor cover at four year low
In the second quarter of 2020, the cost of motor cover was at its lowest for four years. This fall reflects the impact that Corona virus has had on the UK, with motorists taking far fewer car journeys. The price of cover is down 3% from the first quarter of 2020. Motorists have clearly been…
Read more Deloitte strategies for post-Covid recovery
Deloitte have released a 22-page document which informs on how businesses can get back to a new normal, and thrive. This document can be found in Ascend’s Covid-19 FAQ’s The document is based around 5 key principles: Reflect, Recommit, Re-engage, Rethink and Reboot. Deloitte say these principles lay the foundations to allow businesses to thrive…
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