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To all Hamilton Fraser Cosmetic Insurance customers affected by COVID-19 Business Interruption Insurance

To all Hamilton Fraser Cosmetic Insurance customers affected by COVID-19 Business Interruption Insurance

On 15th September 2020 the Financial Conduct Authority (FCA) published the outcome of its un precedented and well-publicised business interruption (BI) insurance test case. The FCA represented the interests of policyholders.

Eight insurers were involved, including Hiscox Insurance Company, and 21 different policy wordings were examined in detail.  The FCA have stated that up to 370,000 UK businesses could be affected by this decision.

The facts of the case were complex and will have far reaching consequences on the insurance industry.  However, we are pleased to announce that the judgment was a resounding victory for policyholders with almost without exception all affected insurers instructed to pay relevant claims.  The judgment is legally binding on insurers.

At this stage, there will be a period of discussion with the insurance companies affected by this decision and there may well be further legal challenges and separate litigation brought forward.

We are expecting further information from insurers over the next two weeks including how to make a relevant claim and the processes you will be expected to follow.

We appreciate that this has been an extremely stressful period for all affected policyholders and we thank you for your ongoing patience.  We will be back in touch shortly with further updates.

Eddie Hooker, CEO Hamilton Fraser Cosmetic-Insurance