A report by BigHospitality said, “Borough Market’s Arabica Bar & Kitchen has been hit with a £50,000 bill after its insurance company refused to pay out for business interruption following the June 03 terrorist attack and the subsequent closure of the restaurant.”
The restaurant’s policy provider was not named, but the report noted that Walters was able to renew the insurance prior to the incident that killed seven people and injured 48 others. It said Walters has been paying all of his 39 staff since the restaurant closed.
“We know other businesses that have had a similar experience with their insurers. We will be applying pressure to them,” Walters was quoted as saying. “Insurers – and not only ours, are being ruthless. Because of the unusualness of this horrible incident it appears a lot of us have fallen through the fine print of our policies.”
Meanwhile, the report added that some businesses have had successful negotiations with insurance companies, with some paying out on an ex gratia basis. Borough Market establishments re-opened this week.
Manchester attack could impact insurance
Insuring against the changing face of global terror
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.