Posted on August 7, 2015
Last February we published a blog looking at the compensation which is available to property owners who suffer losses as a result of Riot damage.There was much talk following the London Riots in 2011 about the need to reform the law which covers compensation which is the Riot (Damages) Act 1886.
This has now moved forward and a draft Riot Compensation Bill was published in March 2015 by the previous Government.
An article in this week’s Estates Gazette looks in more detail at the provisions of the draft bill and when it is likely that it may be brought onto the statute books. Click on the link to read the article.
We will follow the progress of the bill with interest – not least as one of the key changes proposed in the bill is a limit on compensation of £1 million. This will need to be considered by property owners when ensuring they have adequate cover for Riot to protect their properties. As a sobering example – one insurer suffered losses of £60 million following riot damage at the Sony warehouse in Enfield.