Angus Tucker, Director of Insurance Claims Solutions with the UK’s Grant Thornton Forensic and Investigation Services practice, indicated the cost “from Saturday’s fire is likely to be significant, particularly as the market is likely to remain closed for the immediate future.”
He added that, while “the market owners and many stall-holders will be covered by ‘physical damage’ and ‘business interruption’ insurance policies for damage from Saturday’s fire, problems are likely to arise where local traders, whose premises have not been damaged by the fire, have been denied access to their premises by local authorities or police and therefore cannot trade. To be covered by such an eventuality, business owners are required to have purchased a more comprehensive and lesser known insurance policy cover, which is ‘denial of access’.”
As a result of the huge fire in one of London’s most popular market districts (See IJ web site https://www.insurancejournal.com/news/international/2008/02/11/87204.htm), police closed off a number of access roads into and out of Camden Town. Tucker noted that, as a result local business owners were prevented from going to their “work premises.” As they weren’t “directly affected by the fire, they will only be able to make claims for trading losses if they too hold ‘denial of access’ policies,” he continued.
Tucker concludedthat the “key message to businesses is to look beyond the basic insurance offerings and consider the effect of supplementary risks which they may face from such an eventuality.”
Source: Grant Thornton – www.grantthornton.co.uk
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