Business Interruption Insurance Claims

• Published date: 18 September 2020
• Subject Matter: Insurance, Coronavirus (COVID-19), Insurance Laws and Products, Insurance Claims
• Law Firm: Charles Russell Speechlys LLP
• Author: Mr Tim Maxwell

At Charles Russell Speechlys, we understand that these are extremely difficult and challenging times for everyone and we are here to offer as much support as possible to our clients.

Business interruption insurance claims - What we can offer

We are advising a number of UK and international galleries as well as other art market participants regarding the challenges they face during these unprecedented times. Of particular importance to our clients is the need to increase income, save costs or raise funds.

We have been advising clients on claims they may have against their insurers for business interruption losses. These are not easy claims to run and most insurers have to date refused cover. However, from the outset we did not think insurers were right to do so in every circumstance.

Our analysis was confirmed by the judgment handed down on 15 September 2020 in relation to the Financial Conduct Authority's test case against several defendant insurers. The judgment assessed the degree of coverage provided by various sample insurance clauses in the context of the COVID-19 pandemic, all of which the insurers had denied provided coverage.

The High Court found against the insurers on most issues, and while the judgment's effect will depend on the individual policy in question, policyholders are now generally in a much stronger position to pursue settlements from their insurers.

Consequently, we would be happy to help you recover any losses you have suffered as a result of the pandemic and we're happy to do so without any upfront costs to our clients, using our alternative funding model Feesible^TM.

Funding options through Feesible^TM

Feesible^TM is a bespoke disputes funding product we have created to help our clients take some of their major concerns out of the equation. Feesible^TM is shaped by our understanding of the pressures disputes can cause, our experience and knowledge of the funding market and our strong relationships with funders and insurers.

Through Feesible^TM, we can offer a variety of ways that funding for a claim can be structured and risk can be managed between us.

How we can help

We have extensive experience with the insurance sector. Our work centres on "getting the deal done" whether that involves utilising insurance solutions to enable transactions to proceed or litigating to secure insurance recoveries.

We are...