Riots and Business Insurance Claims For Property Damage

The impact of riots on the community can have long-lasting and unforeseen effects.
Riots may not last very long, but the time to put a community back to where it was takes a lot longer.
For a business or property owner the work ahead can be daunting.
The actual damage to each premise needs to be accessed and repaired.
This can take time and may depend on whether adequate insurance was taken out to cover the damage.
If adequate insurance is in place insurance companies need to access the damage.

Putting Things Right

There maybe damage to the property, injury to staff, residents, tenants and owners.
Tenants maybe homeless. New temporary accommodation needs to be found.
Loss Adjusters need to be appointed to look and access the damage and give authority for repair work to commence. Quotations from repairers have to be given and of how long and when work can commence once agreed.

ABI Plea For Longer Riot Claims Period Approved By UK Government

The Association of British Insurance companies, the ABI, has issued a statement clarifying the position of Insurance and Claims for Riot Damage.

The ABI warn…..

On current estimates insured losses and damage suffered by individuals and UK businesses are likely to be well over £100 million.
The ABI has reassured customers that they are covered for riot damage under their home and business insurance and claims will be paid by their insurer as quickly as possible. People with insurance should claim directly from their insurer as soon as they can.

Home Insurance Money Saving Tips

How can you reduce your Home Insurance Costs?
When it comes to home insurance, many people simply accept the first quote that they are given without ever looking for alternatives.
However, there are several things that you can do to help reduce the cost of your building insurance and contents insurance.
Obviously, depending on where you live your home insurance is always going to cost a certain amount, but it is definitely worth taking steps to reduce your costs as much as possible.
Were your calculations accurate?
When you take out insurance, you will generally be asked how much you want to cover your home for.
For example, when you take out building insurance you will have to specify a value in case the worst should happen and your home needs to be rebuilt from scratch.

A Brief History of Insurance: Part 7 Lloyds and the London Market

A Brief History of Insurance:
Part seven: A small coffee shop called Lloyd’s
Welcome back to this series which aims to briefly plot the key times and places in the historical journey of insurance, from the earliest Chinese civilisations some seven thousand years ago right through to the modern day. As we discovered in the last article in this series, the seventeenth century was of major importance to the development of insurance.
The tragedy of the Great Fire of London saw the first insurance company The Fire Office appear and soon after a number of competing fire insurers had arrived including Sun Fire Office, which we now know today as RSA – one of the largest insurers in the word.
We also discovered that the era was one of great advancement in the field of mathematics, which led to the emergence of first true development of actuarial systems and relatively sophisticated risk management models.
Of course no history of insurance would be complete without reference to Lloyd’s of London and it was during this same period of innovation within insurance, that Mr. Edward Lloyd opened his first coffee shop in Tower Street, London.

It needs to be mentioned that the coffee shop of the seventeenth century was a far more important venue within a society than your local Starbucks or Costa Coffee is today. In fact at this time the coffee shop was a relatively new phenomenon in Europe.