LJUBLJANA (Slovenia), May 25 (SeeNews) - Ireland's High Court has rejected a claim by local hotel operator Coachhouse Catering that its insurance policy with Slovenia's Sava Insurance Group covered against damages caused by coronavirus-induced lockdowns, Sava said.
"The High Court confirmed that wording of Zavarovalnica Sava’s business interruption [and/or] loss of license policy does not provide cover for the losses arising from the Covid-19 pandemic," Sava Group said in a statement on Tuesday.
The case was treated as a “test case” under the Central Bank of Ireland’s Covid-19 and Business Interruption Insurance Supervisory Framework and represents an important milestone for the Sava and its policyholders, the Slovenian group said.
In November 2020, Sava Insurance Group was informed of new case law and regulatory practices, as well as other important facts in relation to the possible additional negative impacts of Covid-19 on its business in Ireland and the United Kingdom. Relating to this, court proceedings were initiated before the competent court in the first half of 2021, with the outcome potentially having a significant impact on other claims filed, Sava said.
Coachhouse made the claim following the temporary closure of its hotel in Cork County in March 2020 caused by the Irish government measures in response to the pandemic.
Zavarovalnica Sava d.d. is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers