Better Support For SMEs In Event of Terror
The government has recently come under attack for not providing businesses with better support in the event of a terror attack.
9th November 2017
When Borough Market was cordoned off for 11 days after the terror attacks in London Bridge in June, many businesses suffered significant financial losses.
Many business leaders went to their insurance providers for help, only to be told they wouldn’t be covered for business interruption.
Pool Reinsurance (‘Pool Re’) was set up in 1993 to guarantee businesses with reimbursement in the event of a terror attack. However, due to an archaic rule, the reinsurance company only covers the physical damage of a business, and ignores other components that could lead a business to suffer.
The Federation of Small Business (FSB) has demanded a reevaluation of the “outdated laws” that govern Pool Re, appreciating the need to protect businesses from non-damage business disruption.
Pool Re chief executive, Julian Enoizi, is enthusiastic to bring “important change” to the company, and believes businesses should be given every opportunity to protect themselves.
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