The Supreme Court hands down its judgement for the appeal of the Financial Conduct Authority (FCA)’s test case on business interruption insurance relating to the COVID-19 pandemic lockdown.
Following months of hard work from the NTIA & NDML, alongside industry leading barristers and lawyers, the case against insurers to pay out on their disputed Business Interruption policies has finally come to a close with the Supreme court ruling announced today.
The Financial Conduct Authority brought a case against a total of eight insurers in June 2020 to clarify whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions in insurance claims, covered disruption and government-ordered closures to curb the virus.
Michael Kill CEO NTIA
“This is a moral victory for thousands of businesses with Hiscox Business Interruption Insurance, that have been placed under unnecessary financial hardship because of the legal process that has been drawn out much longer than was necessary by Insurers”
“We are extremely pleased that the Supreme Court has dismissed the insurers appeal claims and supported the rights of thousands of businesses to be able to claim against there BI Insurance”
“We still have some detail to interpret on many of the other policies that have been reviewed by the Supreme Court, and will update throughout the day on the results”
“I would like to thank the FCA for there support throughout this process and the legal guidance of Philip Kolvin QC through a very dark period for many businesses”
“It is now very important that insurers do the right thing and expedite the payment process”
Simon Mabb MD – NDML Insurance
“We’re absolutely thrilled at this outstanding result for our Hiscox clients for whom today’s judgement has ruled completely in their favour.”
“Huge thanks must be given to our customers, for trusting in us to achieve this result for them. As well as Michael Kill & The NTIA alongside Philip Kolvin QC who have worked tirelessly with us to make this result happen.”
“Thanks to this work, our Hiscox clients will now benefit from a full settlement of their claim, with no deductions or legal fees. Unlike many business who will see their settlement chipped away, the faith our customers have shown in us means every penny of these essential claims will go to exactly where they’re needed; supporting the survival of the businesses who are the lynchpin of our invaluable leisure & hospitality industry.”
“We were confident all along that we were destined for this great result, and it’s this faith that allowed NDML and our partners to fight for our clients free of charge, to support the people, businesses and industry we’re so passionate about.”
“So huge thanks must go once again to our clients and the belief they placed in us, and we’re proud to now be able to provide them with 100% of the money they deserve.”