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Member, Beacon International Group, Ltd.
LONDON—Zurich Financial Services Ltd. has extended the time that policyholders can make claims stemming from the recent U.K. riots to 30 days from seven.
The riots are likely to result in insured losses of more than £200 million, ($325.6 million), according to the Assn. of British Insurers.
In a statement, Zurich said Friday that it hoped the extension would minimize difficulties for policyholders submitting a claim, but it also urged them to contact the insurer as soon as possible about any possible claims.
U.K. law covers noninsured
Zurich's announcement followed by one day U.K. Prime Minister David Cameron's decision that insurance companies and people and businesses that do not have insurance can file claims for compensation under the Riot (Damages) Act 1886 up to 42 days after the riots.
Usually, such claims must be filed within 14 days of an event, and most insurance policies contain a seven-day notification requirement.
Under the U.K. riot law, insurers likely will be able to subrogate many claims to the police.