Lloyds Business Interruption Insurance Class Action – Jewelers and Gem Merchants

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This is a class action against certain underwriters of Lloyd’s (Lloyds) in connection with business interruption insurance (BII) policies sold to jewelers and gem merchants, usually described as ‘Jewelers Block and Multi-Perils Insurance’.

The class action seeks to recover money for jewelers and gem merchants who held business interruption insurance with Lloyds and suffered financial losses because of the COVID-19 pandemic.

Gordon Legal and Berrill & Watson Lawyers, with support from one of the world’s leading litigation funders, Omni Bridgeway, have been instructed to commence an open class action against Lloyds on behalf of all persons who:

  • held business interruption insurance with Lloyds usually described as ‘Jewellers Block and Multi-Perils Insurance’ during the COVID-19 pandemic and were insured at any time during the period 19 January 2020 to 1 July 2021; and
  • had certain policy terms in their business interruption insurance policies; and
  • who suffered interruption or interference to their business as a result of the COVID-19 pandemic.

The class action is being funded as a registered management investment scheme named The Lloyds BII Claim Litigation Funding Scheme (ARSN 650 744 228) (the Scheme) in accordance with new funded class action regulations introduced by the Australian government in 2020.

When you click the ‘Register Here’ button, you will be taken to Omni Bridgeway’s website, where you can register your interest in the class action.

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1000+

cases won

$100 Million +

compensated to clients

200+ years

of combined legal experience

What is a Class Action?

A Class or Group Action is a Court procedure which allows people with similar claims against another party to bring their action in one Court Proceeding rather than requiring them to go to the cost (and take the individual risk) of commencing their own claim.

In Australia, the law provides individual Group or Class members the opportunity to Opt Out of the Proceedings if they do not wish to participate or wish to bring their own individual claim.

The benefit of Class or Group Actions is that it means that claims that would otherwise not be economically viable for a person to bring on their own behalf are able to be gathered together so that the costs and risks can be shared among a larger group of people with similar claims.

What are the risks of participating in a Class Action?

The risks of participating in a Class Action are similar to the risks that any person bringing an individual claim would face, except that the risk of having to pay the other party’s legal costs if the claim is unsuccessful only falls on the Representative Plaintiff or Applicant.

It is important to understand that you do not face the individual risk of an adverse costs order unless you agree to become the Representative Plaintiff or Applicant. If that was the case then your lawyer will discuss those risks with you very carefully before you agreed to act as the Representative Plaintiff or Applicant.

Don’t forget to register for this free information session.

Business Interruption Insurance and COVID-19

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Register for Wednesday 18 August 4pm AEST

Register for Tuesday 24 August 7:30pm AEST