Rain snow and arctic weather hit the British Isles over the New Year’s weekend, causing some damage, snarling transport, and leading to the cancellation of many planned celebrations. U.K. insurers anticipate a number of claims, but haven’t as yet given any estimate of the losses.
Fireworks displays, laser shows and concerts throughout the U.K. were canceled as a result t of the weather, the latest in a series of storms which have struck since October. While many events are being rescheduled, the costs involved are considerable.
Claims will be treated in accordance with the Association of British Insurers new code of standards, which came into affect with the new year. The code, aimed at setting minimum standards for the industry, requires insurers to respond to any claim within five working days; to reply to any correspondence within 10 days while claims are being processed, and to make payment, repair or replacement within 10 days after a claim is settled.
The New Year’s debacle will provide an immediate test of how well insurers have integrated the new standards.
Was this article valuable?
Here are more articles you may enjoy.