Riots spur British retailers to hike insurance coverage
The British Retail Consortium warned that the chaos could harm Londons reputation as a major shopping and tourist destination, particularly as the city prepares to host the 2012 Olympic Summer Games.
London, England, United Kingdom
August 29, 2011 09:58 pm EDT
Economy, Business And Finance, Financial And Business Service, Insurance, Crime, Law And Justice, Crime, Theft, Unrest, Conflicts And War, Riots
The London riots, which spread to other cities in Britain earlier this month, have caused retailers to increase and widen their insurance coverage.
One insurance firm said that requests for new insurance premium quotes doubled a week after the anarchy, sparked by the shooting of a motorist in Tottenham. Among the retailers that have sought new quotes are mobile phone shops and grocers.
According to an estimate by the Association of British Insurers, the cost of the riots will hit $150 million (GBP 100 million).
Days after the riots, the British Retail Consortium warned that the chaos could harm London’s reputation as a major shopping and tourist destination, particularly as the city prepares to host the 2012 Olympic Summer Games.
David Frost, director general of the British Chambers of Commerce, added that the violence affected not only individual business owners but also destroyed the very fabric of society. Frost said that the impact of the riots would be felt on the long term.
Richard Dodd of BRC said that some retailers may never reopen and it would cost jobs.
To help business owners who were affected by the riots with the insurance claims and contracts, as well as property and employment issues, the Law Society opened a free advice helpline manned by volunteer lawyers and full-time case workers.
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