COVID 19 Business Interruption Insurance. New hope for small firms.
Sky News reported on January 15th that a Supreme Court has ruled in favour of small firms making insurance claims for business interruption caused by the pandemic.
Mediation is the most economically viable option for small business owners in dispute with their insurance companies over claims arising from the pandemic.
Amongst those that have had claims rejected, are those from the hospitality, event planning and beauty industries and amongst the hardest hit by the COVID 19 restrictions.
Following this ruling, many claimants may find that their insurance companies will now pay without dispute but those finding their claims dismissed could benefit by challenging the decision using mediation.
Providing the insurance provider agrees to using ADR, a date can be set within weeks with each party saving time and money. With no third party deciding the outcome this forum allows for a timely and inexpensive mutually beneficial resolution.