The High Court in London has reportedly ordered French insurer AXA to compensate Corbin & King for business interruption losses caused by the Covid-19 pandemic.
Corbin & King owns restaurants across London including the Delaunay and the Wolseley.
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Last year, the UK’s Supreme Court ruled that many insurers had been wrong in turning down business interruption pay-outs to thousands of companies, hit by the pandemic. However, some companies disputed pay-out levels.
Besides, the ruling did not incorporate cover all policy wordings.
Corbin & King launched a lawsuit against AXA as it denied paying the insurance claim on the scope of ‘denial of access’ cover, which was designed to protect insured venues shuttered by public authorities on health grounds.
Now, the insurance company is responsible for paying up to $335,073 (£250,000) for each of Corbin & King’s six restaurants, reported Reuters.
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By GlobalDataCorbin & King co-founder and CEO Jeremy King was quoted as saying: “Naturally I am delighted with Mrs Justice Cockerill’s Judgement.
“I am not a confrontational person, but I felt that the Hospitality business had been badly served by Insurers during the pandemic and was determined to fight for justice – not only for Corbin & King but for our industry as a whole.”
Last year, AXA announced a €300m settlement offer to cover business interruption losses of French restaurants, affected by the Covid-19 onslaught.
