Romero Group’s NDML is the bearer of good news.
The late night leisure broker – which has been fighting, on behalf of its clients with Hiscox policies, alongside the Night Time Industries Association (NTIA) and 11KBW’s Philip Kolvin QC – has confirmed having received the first offer of settlement from the insurer, which was a defendant in the Financial Conduct Authority (FCA) business interruption (BI) test case.
“Sadly not all brokers were up for the fight that was needed to get what our clients deserve,” asserted NDML managing director Simon Mabb in an update. “This has been a very challenging situation for our clients and also the insurance industry trying to navigate this crisis, but keeping the lines of communication with clients, the FCA, and Hiscox open has enabled us to get these settlements finally moving.
“There are a number of very talented people behind this campaign who without whom these clients wouldn’t, I believe, have the results we are seeing developed now.”
It was noted that NDML’s clients will receive 100% of any agreed settlement, given that Kolvin and those who helped the policyholders in the process and supported the test case acted pro bono.
NTIA chief executive Michael Kill had this to say: “Finally… we heard from Hiscox Insurance with regard to the initial settlement offers for NDML and NTIA policyholders. This has been a long journey which has seen many casualties, but we are pleased to finally announce that the FCA Supreme Court case is starting to bear fruit for some of the hardest hit businesses during the pandemic.
“We still have some way to go, and will be working with the FCA over the coming weeks to feedback on actions from other insurers which present policy wording that will have been included within the case. We are continuing to ask the FCA and the Supreme Court to ensure that the decision over wording has an absolute outcome so that policyholders are clear on whether they are able to claim on their BI insurance.”
Kill also expressed his gratitude for the “tireless work” put in by NDML, Kolvin, and the FCA for ensuring that night time economy policyholders are represented in such difficult circumstances.