FCA v Arch Insurance (UK) Ltd and others
Philip Edey QC and Susannah Jones are acting for policyholders in the test case brought by the FCA to decide whether sample business interruption insurance policies respond to losses caused by COVID-19.
This is the first case ever brought within the Financial List Test Case Scheme and is likely to be the most significant insurance litigation for many years. The FCA aim to obtain declarations which will provide clarity and certainty for the many insureds who have been suffering substantial financial loss during the coronavirus pandemic.
Philip and Susannah, instructed by Sonia Campbell of Mishcon de Reya LLP, represent a group of insureds within the hospitality and retail sectors (“HIGA”). The test case originally involved only the FCA, as claimant, and eight insurers, with no participation from policyholders. However, at the CMC on 26 June 2020, HIGA applied for, and was granted, permission to intervene and participate at trial.