Impact for local businesses likely to increase says Grant Thornton
Grant Thornton commented on the fire that burnt through London's historic Camden Market on Saturday evening.
Angus Tucker, director of insurance claims solutions within Grant Thornton's Forensic and Investigation Services practice said: ‘The cost from Saturday's fire is likely to be significant, particularly as the market is likely to remain closed for the immediate future.’
‘While the market owners and many stall-holders will be covered by 'physical damage' and 'business interruption' insurance policies for damage from Saturday's fire, problems are likely to arise where local traders, whose premises have not been damaged by the fire, have been denied access to their premises by local authorities or Police and therefore cannot trade. To be covered by such an eventuality, business owners are required to have purchased a more comprehensive and lesser known insurance policy cover which is 'denial of access'.’
‘As well as the market itself, the surrounding roads have been closed off, denying local business owners access to their work premises. Whilst they have not been directly affected by the fire, they will only be able to make claims for trading losses if they too hold 'denial of access' policies,’ he continues.
‘The key message to businesses is to look beyond the basic insurance offerings and consider the effect of supplementary risks which they may face from such an eventuality,’ concluded Tucker.