RadioandMusic
| 24 Sep 2020
NTIA & NDML thrilled with High Court verdict on disputed business Interruption insurance policies

MUMBAI: Following this morning’s highly anticipated verdict the NTIA & NDML have released a statement on the results, and the impact it has on venues across the UK.

Both organisations are thrilled with the positive result for 370,000 policyholders and the difference it will make to the survival of their businesses.

Following today’s announcement from the High Court that Hiscox & QBE must pay out on their disputed Business Interruption policies, market leading hospitality broker NDML, and the Night Time Industries Association celebrate this invaluable win.

Following months of hard work from the NTIA & NDML, alongside industry leading barristers and lawyers, this is the result the whole industry was hoping for, and both organisations are thrilled to bring this good news to their clients and members.

Michael Kill CEO of NTIA said:

“This verdict is just what we’ve been waiting for. The night-time economy has been one of the hardest hit by lockdown measures during the pandemic, and many businesses are grassroots, family owned venues, that are cultural cornerstones of towns and cities across the UK. The enforced lockdown since March has created unthinkable financial turmoil and stress for many business owners. This verdict gives some reassurance that these businesses will get the payments they deserve to help them survive this period.”

His sentiments were echoed by Simon Mabb, Managing Director of NDML:

“We’re so pleased that these months of hard work have paid off for our clients. This is the result we all knew was the right one from the beginning, and it’s frustrating that it’s taken so long to reach this point. But it’s reassuring to know that we can now give some certainty back to the venues and businesses that have had their lives put on hold for so long.”

With next steps still being finalised, it’s not yet clear exactly when businesses will see their claims paid, but this result means businesses can progress to the next stage and start planning for the future more secure in the knowledge that they’ll have the resources to survive.

Whilst this is good news, there is likely to be an appeal brought by insurers where the High Court has sided with the FCA, so businesses should be aware that there are still challenges ahead, but they will not be facing them alone.

Both NTIA and the NDML will be holding webinars for affected clients and members with technical claims specialists and industry leading barrister Philip Kolvin QC, to keep affected businesses updated with all the developments of the case and next steps for claimants.

These webinars are taking place on Wednesday 16th and Thursday 17th September 2020.