Hiscox Action Group, set up by policy holders to ensure that Hiscox Insurance honours its Business Interruption insurance, has today announced it has retained top city law firm, Mishcon de Reya, to handle its claim.
Hiscox Action Group now includes over 200 policy holders with dozens joining daily.
Mark Killick, of Media Zoo and a Steering Group member, says, “Hiscox thought they could get away without paying but that is not going to happen. We have appointed top legal counsel, we will be fully funded and we are going to force Hiscox to do the right thing and honour its obligations”.
The Action Group has also revealed that it is in advanced discussions with a major litigation funder to underwrite the entire legal action.
Richard Leedham, the Mishcon de Raya partner leading the action says, “We are very excited to be involved in this claim and have been very surprised by Hiscox’s reaction to date. Our instructions are to pursue all claims as vigorously as possible to prevent hundreds of good British companies from being driven out of business”.
The Hiscox Action Group now has over 200 policy holders with dozens more joining daily. Many of these businesses will take their claims to the Ombudsman whilst many more will either seek to use arbitration or litigation it that fails
Simon Ager, of the Pinnacle Centre and a steering group member says, “Hiscox behaviour has been disgraceful. The policy wording is clear and unambiguous, and the insurance has clearly been triggered. In refusing to pay out in a shoddy attempt to preserve its own balance sheet, Hiscox is putting the future of hundreds of British businesses at risk”
One area currently being examined by the Action Group is the insurance provisions of the Enterprise Act. These make insurers who drag their feet liable for huge additional costs and damages that can make the original claims fade into insignificance.
Daniel Duckett, of the Lazy Claire Patisserie and the third member of the steering group adds, “It is not too late for other policy holders to join us. We have worked hard to put together a compelling offer with a top legal team and a fully funded group action. We are expecting many more to sign up over the coming weeks”
