Around 370,000 businesses, including theatres who have been forced to close their doors due to the pandemic, will receive long awaited insurance payouts, thanks to a Supreme Court ruling today.

Those venues and companies with outstanding business interruption claims will benefit from the new ruling and some payments could also increase.

Arguments by insurers (that business interruption policies were not intended for lockdowns ordered by the government) were rejected in the Supreme Court today, with the Financial Conduct Authority stating that the new judgement would remove “many of the roadblocks” that have, to date, prevented businesses from receiving their insurance payments.

The ruling does not determine the amount that businesses will receive under individual policies but does provide the basis for doing so, with a Q&A for policyholders coming shortly.

What fantastic news, Besties!