Global funder backs Covid-19 litigation against insurance industry
A specialist litigation law firm has been backing by one of the world’s leading providers of litigation finance to bring a legal action against insurers.
Provenio Litigation LLP is launching a legal action on behalf of policyholders claiming Covid-19 related business interruption pay-outs from insurers.
The legal action is being funded by global litigation funder, Therium. As a result, there are no upfront costs for businesses bringing a claim.
“The Covid-19 pandemic has led to widespread disruption resulting in a significant level of financial loss for businesses, particularly small and medium-sized enterprises,” said Mark Goodwin, managing partner at Provenio Litigation LLP in Liverpool.
“In January this year, the UK Supreme Court backed policyholders in an urgent test case to determine whether businesses hit by Covid-19 should receive pay-outs under their business interruption policies.
“Insurers had argued that many business interruption policies did not cover widespread disruption but the Supreme Court categorically rejected their arguments.
“Despite the Supreme Court ruling and public assurances to the contrary, thousands of claims are still being rejected or not met by insurers. Our legal action will right this wrong.”
Continued Mark: “The Supreme Court decision provides clear guidance, greater clarity and certainty for parties.
“Our specialist litigators will examine cases individually and assess if losses are recoverable under their policy.
“Having run a pilot scheme in December, we are expecting this legal action to attract thousands of claimants.”
Provenio Litigation LLP recently announced the launch of a £50 million fund in partnership with Therium to finance litigation and arbitration claims.
“The portfolio litigation funding agreement with Therium takes our business to a new level,” added Mark. “This legal action is a good example of the opportunities it provides to support clients in pursuing business critical claims without them incurring upfront costs.”
Provenio Litigation was launched in 2019 by a team of senior litigation lawyers from DLA’s Piper’s Liverpool office. Headed by founder and managing partner, Mark Goodwin, the team has over 100 years’ combined litigation experience at DLA Piper.