Insurers: delay unreasonably in paying out a bona fide insurance claim, and it will cost you.
That is the essential thrust of s13A(1) of the Insurance Act 2015. It provides that a term will be implied into every contract of insurance to the effect that if the insured makes a claim, the insurer must pay any sums due within a reasonable time. If an insurer breaches this term the remedy could include substantial damages, above and beyond the simple enforcement of the contract of insurance.
So, will s13A be of any help to the multitude of policyholders who have suffered what they consider to be insured losses as a result of the COVID-19 pandemic?