The UK Supreme Court – the country’s highest court – has completed a four-day appeal hearing over business interruption policy wordings that insurers say exclude claims related to the COVID-19 outbreak.

The Financial Conduct Authority (FCA) says the court, which concluded hearings on Thursday, has indicated it will keep the parties informed on the timing of a decision.

“[Supreme Court President Baron Reed of Allermuir] recognised the importance of an early judgment for the businesses affected,” the FCA says on its website.

“He said the justices would do what they could to provide judgment as quickly as possible, but could not comment on whether that would be before Christmas or in January.”

Other participants in the appeal are the Hiscox Action Group, representing policyholders, Arch Insurance, Argenta Syndicate Management, MS Amlin, Hiscox Insurance company, QBE and Royal & SunAlliance.

The initial September 15 High Court ruling made assessments on 21 sample wordings from eight insurers and looked at issues related to disease and prevention of access clauses as well as how losses are calculated.

The outcomes from the legal process having potential implications for some 700 types of policies across 60 insurers, affecting 370,000 policyholders, according to the FCA.