Minister of State Fleming notes Court Judgment of Business Interruption Insurance Test Cases
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Published on
Last updated on
The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, today (5 February) noted the judgment of the High Court in a number of test cases relating to business interruption insurance claims arising from COVID-19-related disruption.
Commenting on the judgment, Minister Fleming stated:
“I note today’s judgment by the Commercial Court. The findings are lengthy, the matter is complex and will need to be considered in detail.
The Government’s consistent view has been insurers should engage with impacted businesses honestly, fairly and professionally to honour the terms of the policy cover, in line with the Central Bank’s Consumer Protection Code. Separately, the Central Bank’s Business Interruption Insurance Supervisory Framework sets out its expectations of insurance firms in handling COVID-19 related business interruption insurance claims.”
While taking note that the Court will return to the issue of quantification of losses at a later date, Minister of State Fleming emphasises the importance that all insurers offering business interruption insurance carefully assess the ruling and how it may impact upon their policies.
Background Note: