Harbour, the litigation funder who is underwriting the policyholder groups claims against insurers in the FCA court case, says today’s judgment shows the value of their funding model.
Harbour is providing litigation funding to the Hiscox Action Group and Hospitality Industry Group Action which meant hundreds of policy holders were able to join the court action without incurring any costs.
Mishcon de Reya, the law firm representing the two groups, believe the role of Harbour has been crucial in advancing the case.
Ellora MacPherson, CIO of Harbour says, “This judgment is an important step towards our clients receiving the compensation that their businesses desperately need. It is also a reminder of the important role that Harbour can play in helping claimants achieve justice”.
Harbour has funded all the costs incurred by both the Hiscox Action Group (HAG) and Hospitality Insurance Group Action (HIGA) and this has allowed over 400 small businesses to be represented in the case.
Sonia Campbell, the senior partner at Mishcon de Reya who represents HIGA, says “We have a longstanding relationship with Harbour, and it has been a partnership with them and the claimant group to develop this claim right from the get-go”.
The FCA estimate that up to 370,000 small businesses may have been impacted by this refusal and many will not have the resources to challenge the insurance industry without the security of a litigation funder like Harbour behind them.
Stephen O’Dowd, Senior Director of Litigation Funding adds, “It’s clear from this judgment that there are many policy holders who still have not been paid out on their policies. We continue to support them, with existing and new claimants who join the action secure in the knowledge that the case is fully funded and they will not have to pay a penny.”
Harbour Litigation Funding Limited (“Harbour") - Reg. No 06426478 - is authorised and regulated by the Financial Conduct Authority and acts as the sole investment sub adviser to Harbour Litigation Investment Fund, L.P., Harbour Fund II, L.P., Harbour Fund III, L.P. and Harbour Fund IV, L.P. (the "Harbour Funds”).