Insurance deal saves market
PUBLISHED: 00:51 25 September 2002 | UPDATED: 12:42 03 March 2010
IPSWICH market was open as normal today - and will continue in operation - after an 11th hour insurance deal was agreed.
However its premium for public liability insurance on the Cornhill has doubled.
IPSWICH market was open as normal today – and will continue in operation – after an 11th-hour insurance deal was agreed.
But the premium for public liability insurance on the Cornhill has doubled.
There were fears for the future of the market after its previous insurers said they would not offer cover after today.
During a weekend of frantic phone calls, market traders' leader Mike Young had been unable to secure a new insurer.
But after a meeting with council officials yesterday afternoon an insurer was found.
Mr Young said: "The confirmation came through at 5.10pm yesterday – it was an enormous relief. The premium has doubled, but I had to take the decision to accept it there and then."
Markets are not the only organisations hit by insurance problems. Many businesses have found premiums have increased dramatically or have been refused quotes altogether.
Public liability insurance is vital because it ensures that a claim can be paid if someone wins a claim for damages if, for example, they are injured while visiting the market.
"This is a national problem," said the British Insurance Brokers' Association.
"It's a combination of events over the last year. September 11, the fall in stock markets, and floods across the world have hit insurance companies hard.
"They are very wary before they take on new business or renew existing policies. Businesses have been forced to close down because they cannot get or cannot afford insurance."