Boscastle businesses complain of insurance claims
Just a year after the Cornish village of Boscastle was hit by flooding, many of the properties that were damaged or destroyed by the flood waters are back up and running.
However, some business owners are claiming that their insurance coverage was not honored by the companies that wrote the coverage.
Some business owners say that they have had to finance rebuilding with their own funds, that their insurance companies won’t pay up, and that creditors are threatening to take them to court to collect money owed them.
Some of those business owners are being told that because their insurance policies were written by foreign companies not authorized by the UK’s Financial Services Authority, they do not have the same protections that apply to those insured by authorized companies.
Category: Business Insurance News
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