Late night leisure broker NDML and the Night Time Industries Association (NTIA) have secured more than £5.2 million for 72 Hiscox business interruption (BI) claimants.
“I’m incredibly proud of the team effort that brought us to where we are today,” stated NDML managing director Simon Mabb. “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.”
In a joint release, the broker and the trade body highlighted that the settlement figure is an initial sum, as more BI claims between NDML and Hiscox are still being finalised.
Meanwhile no administration or legal fees are being deducted, so policyholders will receive 100% of the compensation. The claim was backed by leisure industry specialist barrister Philip Kolvin QC on a pro bono basis.
“After the legal challenges were concluded, NDML was able to expedite their policyholders’ claims,” noted NDML and the NTIA in their announcement. “This is thanks to Hiscox being supportive and providing a specialist team committed to handling these settlements quickly.
“The hard work undertaken by the NDML claims team and their policyholders allowed these claims to be among the first processed, with all supporting data prepared immediately after the Supreme Court judgement was handed down.”
In a separate development, the Financial Conduct Authority on Wednesday posted the Supreme Court order varying the High Court declarations made in the BI test case. On its website, the regulator also published a table to highlight the most relevant declarations per policy type.
