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Lloyd’s of London Reverses Course, Will Pay Kīlauea Victims
News Source: Big Island Now
A week after losing a motion to dismiss in Hawaiian state court, Lloyd’s of London has abruptly reversed all denials of claims for victims of the Kīlauea Volcano eruption that began on May 3, 2018. Lloyd’s has agreed to pay policy limits plus 10% interest to policyholders who were previously denied coverage by Lloyd’s, a payout estimated to be in tens of millions.
After the volcano eruption, Lloyd’s denied all claims made by homeowners whose homes were destroyed and personal belongings lost due to fire or other cause.
“I couldn’t be happier for our clients and all of the people in Pāhoa who lost so much since the eruption of Kīlauea,” said Jeffrey Foster who represented several dozen victims of Lloyd’s alleged deceptive practices and bad faith claims. “We applaud Lloyd’s for taking a step in the right direction.