UK riots: insurers 'will pay claims then recover money from the police'
Grahame Trudgill, the head of corporate affairs for the British Insurance Brokers' Association (Biba), said insurance companies had the right to reclaim the money under the Riot Damages Act of 1886.
He said members would “respond” to claims from householders and small businesses, and would then attempt to reclaim the money from the police. Biba’s brokers handle around half of the value of all home contents, motor, travel, commercial and industrial insurance policies in the UK.
The Association of British Insurers (ABI), the trade body for insurance companies, said damages from the three nights of civil unrest would cost “well over £100m”. Most insurers have said they will honour claims for damage caused by the rioting.
Nick Starling, the director of general insurance and health at the ABI, said home insurance policies “should cover people for fire, looting or damage caused". He added: "Many policies will also cover people for accommodation costs if they can’t stay in their home.”
Most commercial insurance policies will cover businesses for damage to their premises, including the interruption to their business as a result, while some policies will also cover businesses that are not damaged but whose trade is affected by the aftermath.
More from the source: UK riots: insurers 'will pay claims then recover money from the police' - Telegraph
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Well, that's fair enough innit? I guess insurance companies will reduce their premiums since they'll get taxpayer funds this way.
Grahame Trudgill, the head of corporate affairs for the British Insurance Brokers' Association (Biba), said insurance companies had the right to reclaim the money under the Riot Damages Act of 1886.
He said members would “respond” to claims from householders and small businesses, and would then attempt to reclaim the money from the police. Biba’s brokers handle around half of the value of all home contents, motor, travel, commercial and industrial insurance policies in the UK.
The Association of British Insurers (ABI), the trade body for insurance companies, said damages from the three nights of civil unrest would cost “well over £100m”. Most insurers have said they will honour claims for damage caused by the rioting.
Nick Starling, the director of general insurance and health at the ABI, said home insurance policies “should cover people for fire, looting or damage caused". He added: "Many policies will also cover people for accommodation costs if they can’t stay in their home.”
Most commercial insurance policies will cover businesses for damage to their premises, including the interruption to their business as a result, while some policies will also cover businesses that are not damaged but whose trade is affected by the aftermath.
More from the source: UK riots: insurers 'will pay claims then recover money from the police' - Telegraph
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Well, that's fair enough innit? I guess insurance companies will reduce their premiums since they'll get taxpayer funds this way.
