May 12, 2020

Covid-19 - Regulatory response: Business Interruption Insurance

Article by FSCA and the Prudential Authority

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Joint Communication 5 of 2020

This communication sets out the current position of the FSCA and the Prudential Authority on certain aspects of Business Interruption (BI) insurance cover. 

The document further sets out the Authorities’ expectations of non-life insurers and intermediaries as to how they should communicate with policyholders in respect of BI claims to ensure that the processing of these claims are not unduly delayed, and that terms and conditions of insurance coverage are not varied without taking a balanced approach to ensure fair outcomes. 

The Authorities have differentiated between Standard BI Insurance, and BI Insurance with extensions.  For more information in this regard, please click here.

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