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Insurance Industry And Bank Response To UK Riots

by Jim ONeil on August 12, 2011

in uk banks

Multi-day rioting in England to protest government cuts has become violent. These activities have now spread outside the boundaries of London, affecting more residents and business owners. British insurance companies and banks recently announced emergency support for their customers.

Barclays, Co-operative Insurance, and Zurich are each trying to help affected personal and business customers.

Business managers with Barclays will be commercial banking customers to assess relevant disruption or damage. If necessary, increases in overdrafts will be offered and repayment holidays as long as six months will be provided to customers with business loans.

A Barclays spokesperson commented that this will provide businesses with time to recover from the riots and should cover the gap until settlement of insurance claims.

Personal banking customers who have an overdraft can request a temporary increase from Barclays to assist with emergency bills. Upon request, the bank will waive overdraft fees and customers without overdrafts can apply for an emergency version.

These measures are designed to ease cash flow difficulties for those facing additional expenses as a result of the civil unrest.

Riot-related vehicle and property damage is covered under relevant Barclays and Co-Operative Insurance policies. Barclays has offered to help its home insurance customers find temporary accommodations and receive emergency payments for essential items.

Zurich is another British bank trying to help its affected business and personal customers. Its claim team is contacting customers to begin relevant claim processes. When possible and deemed safe, major incident teams and loss adjusters are traveling to affected locations.

British banking customers affected by the riots should review their insurance policies to determine whether civil unrest and riots are covered. Those with questions should contact the relevant insurance company. Though Co-operative Insurance does not restrict the period of claim notification, it encourages customers to notify the company as soon as possible.

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