Bakery Chain Seeks Coverage for Pandemic Losses

  • Greggs wins initial ruling in £150m Covid-19 insurance case
  • High Court judge supports Greggs’ claims for business interruption losses
  • Insurance provider Zurich contests claim as single occurrence with a limit of liability of £2.5m

Greggs has secured a significant victory in its legal battle with insurance provider Zurich over a claim worth more than £150 million. The High Court judge agreed with Greggs’ argument that each of its 1,778 UK stores were impacted by the Covid-19 pandemic and subsequent government restrictions. Zurich had argued that all losses should be considered as one ‘Single Business Interruption Loss’ (SBIL) with a limit of £2.5 million. However, Mr Justice Butcher ruled that each nation’s restrictions were separate occurrences, potentially increasing the payout for Greggs.

Factuality Level: 8
Factuality Justification: The article provides accurate information about a court ruling involving Greggs and its insurance provider Zurich regarding business interruption claims due to the Covid-19 pandemic. It presents the key points of the case and quotes from the judge’s judgement without any sensationalism or opinion masquerading as fact.
Noise Level: 3
Noise Justification: The article provides relevant information about a legal case involving Greggs and its insurance provider Zurich regarding business interruption claims due to the Covid-19 pandemic. It does not contain any irrelevant or misleading information, but it is focused on a specific event rather than exploring broader trends or consequences. The article stays on topic and supports its claims with evidence from the High Court judgement. However, it doesn’t provide actionable insights or new knowledge for readers.
Financial Relevance: Yes
Financial Markets Impacted: Insurance industry
Financial Rating Justification: The article discusses a legal case between Greggs and insurance provider Zurich regarding business interruption coverage due to the Covid-19 pandemic, which has financial implications for both parties and could impact the insurance industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk