TENS of thousands of small business owners are in line to receive a coronavirus insurance payout.
Many businesses made claims under business interruption policies when the pandemic first hit last year.PHOTOGRAPHY business owner Wendy Mackney estimates her business has lost £400,000 due to coronavirus. They have a six-year-old daughter and another child on the way. Wendy is ecstatic about today’s ruling but is disappointed it took so long.“A small business like ours has lots of employees with families of their own and bills to pay.“Other businesses have had to liquidate as they couldn’t afford their overheads.Mackney is waiting to see if she can claim for all three national lockdowns and said the money will help pay off a £100,000 coronavirus business interruption loan.
However, she was quickly told her claim would be rejected due to the “exceptional circumstances” of the coronavirus outbreak. Announcing the Supreme Court's ruling, Lord Hamblen said: "The appeals of the Financial Conduct Authority and the Hiscox Action Group are substantially allowed and the insurers' appeals are dismissed."
"We will be working with insurers to ensure that they now move quickly to pay claims that the judgment says should be paid, making interim payments wherever possible.
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