Cut Cover at your Peril
18th February 2020
The damage following the riots across the country is likely to cost insurers between £200M and £300M.
The arson hit Sony warehouse in Enfield is rumoured to be one of the most expensive single claims and is expected to cost between £20M and £25M. This damage has occurred at a time when many businesses are seeking to cut expenditure and certain businesses may have become complacent over their insurance protection.
During times of civil unrest it is more important than ever that robust insurance arrangements are in place. Insurance can represent a major overhead and prudent businesses will wish to minimise this expense but they should work closely with their brokers so that they can properly evaluate their exposure and agree a strategy to reduce cost rather than seeking to arbitrarily cancel the very cover that could keep the business afloat.