The Association of British Insurers (ABI) has today estimated that the cost of insured losses and damage suffered by individual and business victims of this week’s riots to be well over £100M.
ABI director of general insurance and health Nick Starling yesterday said that it was “too early” to have an accurate picture of costs.
“Most commercial insurance policies will cover businesses for damage to their premises, including the interruption to their business as a result,” said Starling. “Some policies will also cover those businesses which are not damaged, but whose trade is affected by the aftermath… However, access to dangerous buildings which are also crime scenes is a serious issue.”
The ABI has written to business groups to give advice on insurance cover following the riots in London and other major cities.