Business interruption: AXA offers an amicable solution to restaurant owners

AXAAfter a year of legal dispute, AXA has offered an amicable financial solution to 15 000 of its customers/restaurant owners' who underwent business interruption losses due to Covid-19.

The French insurer says it is ready to pay a total sum of 300 million EUR (365.11 million USD) to the insured who underwrote a business interruption policy.

The amount shall compensate 15% of the activity’s turnover for the administrative closure period.

The proposal concerns all restaurant owners whether or not they have prosecuted AXA. The amicable solution shall be valid from 21 June 2021 to 30 September 2021.

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