Supreme Court ruling victory for small businesses - Finucane
Sinn Féin MP John Finucane has welcomed a court ruling that will result in insurance companies paying out to businesses unable to trade during the first lockdown.
The North Belfast MP said:
“I welcome the Supreme Court ruling today that insurance companies must pay out to small businesses unable to trade in the first lockdown.
“The case, taken forward by the Financial Conduct Authority, was focused on ensuring that insurers paid out on business interruption policies.
“This ruling will result in an estimated £1.2 billion being paid out to tens of thousands of small businesses in Britain and the North.
“In the early stages of this pandemic, I met with the Association of British Insurers to raise the issue of insurance companies ducking from their responsibility to pay out on premiums.
“Sinn Féin have also been actively engaging with many small and medium sized businesses throughout this pandemic, and this ruling could save businesses and protect jobs.
“There can be no more heel-dragging from the insurance companies, they must end this farce and respect the ruling of the court.
“Claims must be rapidly progressed for all affected businesses and money put back into pockets of businesses and workers.
“Sinn Féin will continue to work to protect businesses, workers and families during this pandemic.”