Business News


Insurers must pay small firms for Covid-19 losses


Airports must receive more support


Business leaders have called for the Government to step up its support for airports that have been “absolutely decimated” by the pandemic, following strict new quarantine rules being imposed. Prime Minister Boris Johnson


confirmed that UK nationals returning from ‘red list’ countries will be forced to quarantine for 10 days in Government-provided accommodation such as hotels. Mr Johnson said the strict


measures have been imposed to prevent new mutant Covid strains from reaching the UK. The news will further impact


airports such as Birmingham, which is already handling 90 per cent less passengers than before the pandemic. Paul Faulkner, chief executive of


Greater Birmingham Chambers of Commerce, said the Government urgently need to bring forward a plan to help airports. He said: “We understand the


rationale behind the Government’s latest decision – given the virulence of the latest strain of Covid-19, it is essential steps are put in place to minimise its spread and reduce the risk of transmission. “However, there needs to be


greater clarity on what this measure will practically entail and how it will impact airports across the country that have been absolutely decimated by the pandemic. “Supporters of this move will


point to similar programmes in play in Australia and New Zealand, however, let’s not forget their respective Governments have spent billions in trying to help their aviation industries survive this crisis – sadly, a equivalent level of support has been noticeably lacking for operators in the UK.” A Birmingham Airport


spokesperson said: “Birmingham Airport has supported the Government’s decisions to protect public health, including policies on air travel corridors and testing, and it is relieved that further border measures will be on a risk basis rather than a blanket approach. “We await further details on how


this new policy will be introduced so that we can provide the necessary support for the very small number of passengers that this may impact on arrival into Birmingham Airport.”


Tens of thousands of small businesses are set to receive insurance payouts on disputed Covid-19 business interruption claims, following a court ruling. The Supreme Court found largely in favour of


small firms receiving payments from business interruption insurance policies, covering losses from the first national lockdown. The Financial Conduct Authority (FCA) brought


the test case, which focused on a representative sample of 21 types of insurance policy.


‘This ruling provides welcome clarity for businesses and insurers alike’


Eight insurers agreed to take part in proceedings.


The ruling comes after a High Court judgment, handed down in September, was supportive of the estimated 370,000 companies said to be affected by the dispute. Firms such as pubs, cafes and beauty parlours argued they faced ruin when they were turned down


New development: How the £93m project will look


by insurers for business interruption policy claims on losses caused by the first coronavirus lockdown last year.


Appeals were launched on both sides and the


legal process was fast-tracked to the highest court in England and Wales, which rejected the insurers' arguments and said it had ‘substantially allowed’ the appeal brought by the FCA and an action group to clarify the position. Chamber chief executive Paul Faulkner said: “This


ruling provides welcome clarity for businesses and insurers alike on some of the most common questions regarding challenges to business interruption insurance during this pandemic. “Of course, it is important to note that it does not


cover all wordings or delivery a ruling on individual policies. What it does do is given insurers and businesses a clear way forward on settling many of these disputed claims. “It will be a great source of relief to those


businesses who have brought this action and those that will see the impact of this ruling, many of whom have been hard hit by Covid-19.”


Stadium project is underway


Work has begun to transform land at Birmingham’s Edgbaston Stadium to create a new entrance plaza, car parking facilities and ‘The Edgbaston Residences’ complex. The latter will include 375


residential apartments and new retail and leisure opportunities, and work on the £93m scheme is due to be finished during the second half of 2023. Craig Flindall, chief operating


officer at Warwickshire CCC, said: “Despite the barriers created by the Covid-19 pandemic and national


lockdowns, we have been able to navigate a way through and are delighted that we can now get this major redevelopment project underway, which will transform our stadium footprint and the surrounding facilities. “It has taken great efforts to keep


things moving in the current climate, but today’s start ensures that key elements of the project will be completed ahead of the Birmingham 2022 Commonwealth Games and everything will be completed by Autumn 2023.”


The 375 apartments within the Edgbaston Residences are a build-


to-rent (BTR) scheme and will offer car parking and cycle storage. Approximately 20,000 sq ft of retail and leisure space will be available on the ground floor. Winvic Construction has been appointed as the main contractor for the project. Edgbaston Stadium has also been


selected as the host venue for the opening Test of England’s LV= Insurance series with New Zealand in June. The ticket ballot for the test match opens on 11 February.


February 2021 CHAMBERLINK 33


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