The 72 Hiscox business interruption insurance claimants affected by the Supreme Court FCA Test Case have secured a settlement worth more than £5.2m.
This is an initial figure, with more claims still to be finalised, but split between them, this will see businesses get an average payout of almost £73,000 each.
Late-night leisure insurance broker NDML and the Night-Time Industries Association (NTIA) mounted legal challenges and appointed barrister Philip Kolvin QC, who supported the action pro bono. This collective then went on to support the FCA's test case with the Supreme Court to challenge Hiscox and other insurers' positions on business interruption claims.
NDML managing director Simon Mabb said: "I'm incredibly proud of the team effort that brought us to where we are today. From our in-house claims specialists, to Michael Kill and the NTIA team, to the invaluable efforts contributed by Philip Kolvin. The hard work has paid off, and I'm really pleased to see our policyholders receiving some of the highest business interruption settlements following Covid-19, thanks to the trust they placed in us from the very start. We're now all looking forward to seeing the industry get fully back on its feet and forge a path to recovery."
Photo: Philip Bird LRPS CPAGB/Shutterstock.com