Thanks to the devastating floods that occurred throughout Cumbria in 2009, it was recently announced that the cost of the total necessary repairs have been tallied up to £276 million. Undoubtedly a wake up call for companies to take a thorough look at their business liability insurance policies, the flood caused not only extensive damage to premises but major disruptions to commerce as well.
The Cumbria County Council’s recently released estimates in regards to the cost of the accumulated flood damage to farms, stores, and factories, all of which may seek to be reimbursed by their business insurance cover, came to a total of £124 million.
Additionally private residences within the county suffered £91 million worth of damages. Public liability costs to the county’s bridges and roads, which need to be repaired, amounted to an additional £34 million.
The insurance industry covered a high proportion of the costs from the severe flood damage.and the Government was also a large contributor to the repair process through support and grants.
As the BBC has recently reported, the Association of British Insurers revealed statistics that show that businesses and homeowners throughout the county of Cumbria submitted a grand total of a combined 25,000 flood and storm damage insurance claims.
In related news, Cornwall was the site of serious flooding just recently, leaving homes and business premises wrecked. Industry experts have stated that companies should heed the warnings of such widespread destruction and thoroughly review their business insurance policies to ensure that they are not only up to date but that they provide an adequate level of cover in the event of damage to stock and premises or disruption to commerce due to harsh weather conditions.