Keoghs has warned insurers to up plan for an increase in subsidence claims following this summer’s heat wave.
A recent forecast by buildings consultants OCA UK warned 2013 was likely to be a “full blown subsidence event year” unless the rest of August is extremely wet.
Insurers spend an average of £200m to £300m each year on subsidence claims, with costs rising to £400m in event years – when periods of particularly high rainfall are followed by very dry periods.
“Given that a surge in subsidence claims in 2013 is a realistic probability, insurers are advised to begin to budget planning for an increase in subsidence claims spend over the next 24-48 months,” said Matthew Rogers, a partner at the legal services firm.
One in five homes are at risk of subsidence according to the British Geological Survey.
We are now entering the second month of the third lockdown and indications are that we are at least another month away …
9 Feb 2021
Swiftly after the announcement that Ashbourne Insurance were awarded the Winner of the SME News ‘UK Finance Award 2020’ Best Independent General …
26 Jan 2021
Small business affected by enforced closures will welcome today’s announcement from the Supreme Court supporting their business interruption claims.
It should be noted …
15 Jan 2021