A UK Supreme Court insurance judgment substantially in favor of policyholders will be a “massive boost” for British businesses currently suffering from a third government lockdown, the Hiscox Action Group policyholder group said on Friday.
The court ruled earlier that thousands of businesses should be insured for losses amassed after a national lockdown to curb the coronavirus pandemic in a test case that pitched the markets regulator against major insurers.
“The judgment should be a massive boost to all businesses reeling from a third lockdown who can now demand their claims are paid,” said Richard Leedham, a partner at law firm Mishcon de Reya who represents the Hiscox Action Group.
“The hope and expectation of our clients is that the claim adjustment process starts immediately and that insurers will not continue to cause further distress by further unnecessary delay.”
(Reporting by Carolyn Cohn, editing by Kirstin Ridley)
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