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How to make a successful business interruption insurance claim

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Originally written by Steven Skiba on Small Business
A crucial High Court ruling is set to determine whether insurers will have to pay out under business interruption insurance policies, to meet claims for COVID-19-related losses.
While the Financial Conduct Authority (FCA) test case is set to provide much-needed clarity to businesses and insurers alike, paying close attention to the wording of individual policies is key to making a successful business interruption insurance claim.
So, what else do businesses need to consider in order to maximise their chances of success, and what are their options in the event that a claim is rejected?
Landmark High Court case
The issue of whether business interruption insurance policies cover pandemic-related losses is one of the most controversial legal issues resulting from the coronavirus crisis. In bringing its test case to the High Court, the FCA is aiming to provide a roadmap to businesses and insurers regarding how to interpret the wording of policies and therefore the amount that should fairly be awarded.
Worth potentially billions of pounds, the case has involved examining 17 policy wordings from eight different insurers in order to determine whether COVID-19 triggers a pay-out. However, the ruling is expected to have ripple effects for the entire

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Hot Business News Today

B-North plans to lend £1bn to small businesses within four years

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Originally written by Timothy Adler on Small Business
B-North, the Manchester-based small business lender, plans to lend over £1bn to small businesses within its first four years.
The lender, which hopes to secure a provisional banking licence within weeks, will rebrand as Bank North once the licence comes through.
Initially, B-North aims to lend about £50m as its systems are tested under the scrutiny of the banking regulator.
Filling the gap
B-North sees itself as filling the gap for small business lending as the Big Four banks – Barclays, HSBC, Lloyds, NatWest – have centralised lending decisions, concentrating on large firms, making it difficult for them to get into the intricacies of each small business.
At first, B-North will offer secured loans of between £500,000 and £5 million.
The service plans to start in Manchester but eventually it expects to have eight regional “lending pods”, each effectively a small bank on its own.
Its founders include Jonathan Thompson, a former Santander banker who will be its chief executive, and chairman Ron Emerson, who was founding chairman of the British Business Bank.
B-North says that it will offer the fast, technology-driven credit decisions of a fintech — it claims that it will be up to 10 times faster than a

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