No doubt you will have seen the press coverage on the August riots across the country and the terrible damage to business premises such as the Sony warehouse in Enfield, the Carpetright and Aldi stores in Tottenham and the House of Reeves department store in Croydon. All were severely damaged with likely insurance payments estimated at between £40-£50M, just for these cases alone.
The Riots will be a real test for those Insurance Brokers that have put Business Interruption insurance into place for their clients. Firms with a 12 month Business Interruption cover will unfortunately find that the indemnity period is woefully inadequate for their needs. This leads to us asking you the following question.
Is your Business Interruption cover adequate for your needs?
Unfortunately, you only discover that you have a problem with your cover after a loss has occurred and you are looking to make a claim.
The most common issues discovered when dealing with a Business Interruption loss include;