(Alliance News) - Insurer Hiscox Ltd faces legal actions as the Hiscox Action Group seeks GBP40 million of payouts for companies under business interruption policies to cover the costs of the lockdown, the Financial Times reported on Monday.
The Hiscox Action Group - a pressure group that has been launched since the coronavirus crisis started - has been given the green light from lawyers and funders to start legal action in the next few days. It will be run by law firm Mishcon de Reya and financed by litigation funder Harbour.
"The groups, which are targeting a range of insurance companies, say they are in a race against time to force UK insurers to pay out on business interruption claims, with many of their members facing bankruptcy because of the lockdown," the FT said.
In turn, insurers said that, in most cases, business interruption policies do not cover costs related to the pandemic.
https://www.ft.com/content/3526af2b-3893-4981-8aaf-22248fb24455?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
FTSE 250-listed Hiscox shares closed 3.8% higher in London on Friday at 699.80 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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