Still counting the cost of Camden blaze

London’s famous Camden market site was still being poured over by the building insurers loss adjusters and fire investigators.

The market, a landmark spot for revellers and tourists alike, was engulfed in flames that fire crews, from the London Fire Brigade, battled for over five hours to bring under control.

The cause is not yet know but fire investigators are at the scene in a bid to identify the starting point of the fire. The loss adjusters for Fusion Insurance, Certo, are also on site trying to calculate the value of the destruction.

The cost of rebuilding the market will only be part of the eventual insurance payout. The damage to stock and interruption of business to the owners of the market and stallholders will only be covered if this is included in their own insurance policies.

Loss of trade is not only restricted to the traders directly affected by the fire, but also to those of the surrounding area who cannot get to their businesses and premises due to local authority rules and/or by police action in ensuring that the area is safe.

This highlights the need for shop and office owners to have adequate liability insurance that includes a denial of access section to their policies that will cover this type of eventuality, in order to make a claim for loss of earnings even though they were not directly affected by the damage caused in the fire.

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March 11^th 2008