Levy & McRae: Scottish businesses at risk if they delay COVID-19 insurance claims
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Callum Anderson
Levy & McRae has warned that Scottish businesses must act immediately to check whether they can successfully claim on their insurance for coronavirus disruption.
The firm believes there are hundreds of businesses – especially small and medium enterprises – who need to seek expert advice now on whether they should pursue claims to cover the financial hit they’ve incurred during the COVID-19 lockdown.
It comes as financial services regulator the Financial Conduct Authority (FCA) prepares to bring a High Court action as a test case on whether the policies of eight insurers should pay out to firms affected by COVID-19.
Callum Anderson, partner at Levy & McRae, said: “The FCA test case will be coming to court in July, but any judgement is unlikely to be delivered for several weeks after and it is possible that it will be appealed including to the Supreme Court.
“The proceedings are only dealing with the policies of eight insurers and there are many more insurers in the market.”
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