Brighton Pier Group receives £1.4m payout from insurers
It comes as the High Court judgement on 15 September 2020 found that the group's Marsh resilience insurance policies were capable of responding to Covid-19 business interruption claims
The Brighton Pier Group has announced that to date, it has received interim payments from its insurers totalling £1.4m in respect of Covid-related losses.
The group, which owns and operates Brighton Palace Pier as well as indoor mini-golf sites and premium bars, had previously lodged claims with its insurers for business interruption losses arising from closures of its venues.
It comes as the High Court judgement on 15 September 2020 found that the group’s Marsh resilience insurance policies were capable of responding to Covid-19 business interruption claims.
In addition, the group’s advisers have indicated that the Supreme Court ruling on 15 January 2021 “does not change the fundamental principle that these policies can respond to claims, subject to appropriate discussion and agreement over the quantum of the arising losses and any applicable policy caps”.
Brighton Pier Group noted that whilst these payments “do not satisfy the entirety of the group’s claims, they nevertheless support the group’s overall liquidity which continues to be strong”.
CEO Anne Ackord said: “Whilst business interruption insurance is welcome, and the rollout of the vaccination programme provides a route back to normality, we are keen for the Government to announce a recovery roadmap for the Tourism and Hospitality sectors.
“If businesses in the night-time economy continue to be subject to restrictions after the end of lockdown, the Government needs to recognise that further ongoing financial support will be required.”
The hospitality group added it will provide further updates as appropriate.
