WARRINGTON North MP Charlotte Nichols has welcomed a ruling at the Supreme Court on business insurance pay-outs.
During the first lockdown last spring, a number of businesses faced the threat of closure after being turned down for business interruption claims by insurers, with the uncertainty now ended by the court’s decision.
It is expected that the insurance industry will payout at least £1.2bn to businesses as a result of this decision.
The case was brought to the courts by the Financial Conduct Authority, with the support of eight insurance groups.
Ms Nichols said: “I welcome the Supreme Court ruling, which clarifies that far more small firms are entitled to insurance pay-outs under “Business Interruption” policies that include disease or prevention of access clauses.
“It is estimated that up to 400,000 small businesses may benefit from this, including bars, restaurants and nail salons, and I hope that everyone who is eligible in Warrington North will receive the much-needed money that they deserve.
“In addition, I hope that this will help to rescue some of our desperately struggling pubs up and down the country that are on the verge of calling “time” for good.”
