Pub Group Stonegate has reportedly filed a £845m claim against three insurers for losses it suffered during the pandemic.
The company, which is backed by TDR Capital, is arguing that a policy covering business interruption (BI) has been triggered multiple times during the pandemic, according to court documents seen by the paper.
Stonegate adds that the insurers do not dispute that the policies should have been paid but argue that their liability is limited to £17.5m of which £14.5m has already been paid out.
Reports suggest that Stonegate says it is entitled to BI claims under policies relating to the presence of a notable disease close to the vicinity of its premises and claiming under denial of access to its premises.
The FT also reports that Stonegate estimates total business interruption and related losses for the period between February 2020 and April 2021 totalled £481m and that it also projects further losses during the indemnity period – April 2021 to 2023 – to reach around £365m.
In addition, the FT revealed that Zurich has said it is not the lead insurer on the policy but has provided some cover and has already made an interim settlement. The remaining insurers, MS Amlin and Liberty Mutual declined to comment.