As the country was inundated with chaos and mass rioting during the riots last week and completely demolishing lives, businesses, and homes in the process, firms with no options have turned to their business insurance policies in the hopes of claiming at least something against the massive damages they’ve incurred.
Hundreds of Brits, many of them small business insurance policyholders, have had the riots affect them profoundly, as looters not only attacked the police and burnt down buses and cars but raided shops as well. The Government will everything it deems necessary to restore the country to an even keel in the wake of the riots, according to Prime Minister David Cameron, but many small business owners have turned to their shop insurance policies for financial aid.
Many banks in the UK have rolled out interim solutions in the meantime, according to the British Bankers’ Association. The BBA reported that banks have been providing mortgage repayment holidays, increasing credit limits, and both extending overdrafts and waiving overdraft fees for those companies and individuals in dire need.
A large number of insurers are now running helplines 24 hours a day, and the Prime Minister has extended claims window to a total of 42 days, up from 14, in an effort to aid those in need. The Association of British Insurers came out in support of the Prime Minister’s extension scheme.
The vast majority of business insurance policies will cover property damage, and may include any lost earnings due to interruption in trade. Home insurance policies will not only cover looting, fire, and other property damage sustained in the riots, but will also cover the cost of temporary housing in the event their homes are were rendered uninhabitable.