BREAKING NEWS

UK riots to cost over 200 million pounds, insurers say

By REUTERS

AUGUST 11, 2011 19:16

LONDON - Damage caused by riots in London and other British cities this week will cost more than 200 million pounds ($323 million), the Association of British Insurers said on Thursday, doubling its previous claims estimate.

The increase came as British prime minister David Cameron said an 1886 law that allows insurers to pass on some of the cost of riot-related claims to the police will apply, with the government ready to make up any funding shortfall.

"The government will ensure the police have the funds they need to meet the cost of any legitimate claims," Cameron said in parliament, adding that the deadline for filing claims would be extended to 42 days from 14.

Under the Riots (Damages) Act, uninsured businesses and households, as well as insurers facing riot-related claims from their customers, can seek partial compensation from the police.

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