Following court ruling...
Hiscox group urges FCA to act on interruption claims
Businesses have pursued claims for enforced closure (pic: Terry Murden)
Legal representatives for the Hiscox Action Group have called on the Financial Conduct Authority to use its executive powers if insurers continue to delay paying out on Covid-related business interruption claims.
Hiscox has not made any payments despite a High Court ruling last week that businesses were covered, and interim payments should begin immediately.
Richard Leedham, the Mishcon de Reya partner representing HAG, says, “Hiscox Action Group members are small businesses, many of whom are struggling to survive. They desperately need these payments to stay afloat”.
Mr Leedham, has written to the FCA stating that if insurers continue to delay payments and defy the High Court ruling then they should take action against them.
Policy holders are still waiting for interim payments to begin, pushing some close to collapse.
Christopher Woolard, the interim chairman of the FCA, stated prior to the ruling that “insurers should reflect on the clarity the judgement provides and, irrespective of any possible appeals, consider the steps they can now take to progress claims of the type that the judgement says should be paid.”