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Minister to summon insurers with pending payouts for Borough Market traders

Minister to summon insurers with pending payouts for Borough Market traders | Insurance Business

Minister to summon insurers with pending payouts for Borough Market traders
Conservative Stourbridge MP Margot James has visited Borough Market traders to hear first-hand accounts about the business disruption brought about by the June 03 London Bridge terrorist attack.  

A report by Southwark News said James, joined by Labour MP Neil Coyle, assured the affected businesses that she would call in the insurance providers who have not yet made their payments. The traders lost an estimated £1.4 million due to the incident.  

Last month Coyle cited the need to protect small businesses through rapid payouts of compensation in cases such as the London Bridge attack. He said those whose insurance did not cover terrorism should be aided by the government.

According to the report, Coyle believes the process of officially declaring an incident as an act of terrorism – which takes 21 days – is too long. The label is supposedly needed for payouts under terrorism cover.


Related stories:
Insurance payouts delayed after London Bridge terror attack
London Bridge attack victims CAN make successful claims without ‘terrorism’ tag