The Hiscox Action Group has secured a major victory in the High Court in its pursuit of Hiscox Insurance over its refusal to pay out on its Business Interruption insurance policies.
The Hiscox Action Group, made up of over 400 Hiscox insurance policy holders, and Hiscox Insurance have now agreed a simplified proposal for an expedited arbitration process for all policies.
Legal teams representing both parties agreed for the action to be heard as a single arbitration, with three arbitrators reviewing four categories of policy.
Richard Leedham, the Mishcon de Reya partner representing HAG, says, “Today’s agreement represents a significant step forward for the Hiscox Action Group in agreeing a simple arbitration process. The move will speed-up the action and provide renewed hope for so many small businesses throughout the country which continue to face financial hardship.”
Read the full press release from the Hiscox Action Group here.