Significant victory for our clients from the Finnish Insurance Complaints Board

Restaurant owners represented by us received a significant preliminary ruling from the Insurance Complaints Board on 5 November 2020.

Restaurants have suffered major financial losses due to coronavirus. Insurance companies have not compensated for these losses from their epidemic interruption insurance. On behalf of our clients, we appealed to the Insurance Complaints Board in respect of one insurance company. The Insurance Complaints Board published its preliminary ruling in the matter on 5 November 2020.

Contrary to the insurance company’s decision on compensation, the Insurance Complaints Board unanimously held that the interruption in the restaurateurs’ business caused by coronavirus shall be compensated from their epidemic interruption insurance from 1 June 2020 onwards. The Insurance Complaints Board held that the insurance company must reconsider the loss in this respect in order to calculate the amount of the interruption loss resulted as of 1 June 2020 and to pay compensation based on the insurance policy.

The Insurance Complaints Board held that the insurance company’s liability for compensation shall not be moderated due to a reason that the insurance company’s liability for compensation might turned out to be notable due to the large number of losses

The Insurance Complaints Board’s rulings are recommendations. We hope in this case as well that the insurance company in question will comply with the Insurance Complaints Board’s ruling.

Magnusson’s insurance team was lead in the matter by Attorney-at-law Mika Laapotti who has over 15 years’ insurance company and Insurance Complaints Board experience.

For more information on the matter, please contact Attorney-at-law / Senior Counsel Mika Laapotti, tel.+358 40 165 7890.