Like most everyone else, the insurance industry watched in horror as rioters burned and looted the streets of London. In addition to the general disgust felt by most, those in the industry likely viewed the event with a “here we go again” look and some eye-rolling. Though not as severe as, say, the uprising in Egypt, this was yet another completely unforeseen loss event out of right field.
It looks like insurers are off the hook for the chaos in Britain, however.
The U.K. government has heeded the wishes of the insurance industry by announcing that damages from the riots that have engulfed parts of some English cities will be covered by the police compensation structure that dates to 1886 …
buy spiriva inhaler online www.delineation.ca/wp-content/uploads/2023/10/jpg/spiriva-inhaler.html no prescription pharmacyThe announcement, by Prime Minister David Cameron, effectively means that the police will be responsible for making good on a large portion of the insurance claims that will result from the turmoil. This principle is known as “subrogation.
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Given that the revised (upward) loss estimates are just north of $300 million, this wasn’t going to be a market-changing event regardless. But the insurance community in the UK is likely excited to be off the hook regardless.
The prime minister also increased the deadline to submit claims to the maximum 42 days rather than the normal 14, a move also applauded by the British Insurance Brokers’ Association.
Clapham Junction after the three nights of rioting.
IMHO you’ve got the right aswner!