Riot damage should be covered by commercial insurance

The British Insurance Brokers’ Association recently released a statement declaring that residences and businesses that suffered damage during the riots should be covered by either household or commercial insurance.

However, the industry body warned that while business liability insurance will cover looted shops and household insurance will cover homes, those with torched or vandalised cars may be in for a rough go of it. Anyone with personal vehicles that were burnt or damaged will most likely not be covered by third party insurance, though cars with comprehensive cover should be, according to BIBA.

Anyone thus affected by the riots should seek out their personal or business insurance provider as soon as they possibly can, said BIBA in its recently released statement.  Most home insurance policies will cover those suffering from damages stemming from looting or fire, they added, while many insurance policies will also pay the costs of alternative accommodation if their homes are not fit for habitation.

Likewise, business insurance policies will routinely cover companies for damage done to their premises, added BIBA.  This includes any financial losses attributed to business interruptions as a result of the damage, while some policies will also extend to businesses who weren’t damaged directly but who suffer in the after effects of the incident as well.

BIBA spokesman, Steve Foulsham, remarked that the lion’s share of insurers are able to be reached around the clock through a 24 hour claims hotline.  Insurers can aid people in arranging for emergency repairs and for swift damage inspections, Mr Foulsham added.

Meanwhile, the Association of British Insurer’s Nick Starling remarked that insurance companies are working tirelessly to manage all the claims that have begun to come in since the beginning of the riots.  After these claims are processed, a general figure in regards to the cost of the damage done during the riots will be published, added Mr Starling.

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