Market insurance - 11th hour search
TRADERS were today trying to sort out an insurance crisis which could force the closure of Ipswich market after tomorrow.The co-operative which runs the market has been unable to renew its public liability insurance which it needs to carry on.
By Paul Geater
TRADERS were today trying to sort out an insurance crisis which could force the closure of Ipswich market after tomorrow.
The co-operative which runs the market has been unable to renew its public liability insurance which it needs to carry on.
However officials from Ipswich council are working with the traders and are hopeful that the problem will be sorted out in time for the market to continue on Friday.
"Everyone at the council and among the traders themselves are desperate to save the market," said a Civic Centre spokesman.
"Since its move to the Cornhill it has been a great success and everyone at the council wants to see it continue – but it is vital that there is full insurance," he said.
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Market traders chairman Mike Young had been shocked when the company that had insured them in the past told the market that it would not be able to give them a quote this year.
"It's been a bombshell, and it has not been easy to find anyone else to take on the insurance," he said.
Public liability insurance is vital because it ensures there is money available if there is any claim against the market – for instance if someone is injured while on the market.
Insurance premiums have risen steeply after September 11 – both because of the cost of the damage and as a result of the fall in value of world stock markets.
Many small events have been unable to obtain public liability insurance, including small one-off firework displays being planned for November.
"We have been warned there could be a problem so we are investigating the situation before the end of this month," said Michael Earey, one of the organisers of Sproughton bonfire party.
But large events, like the Christchurch Park show, should not be affected because the firework organisers have permanent cover.
"We are permanently covered, so this problem should not affect our displays," said Jeremy Nowell of Shell Shock fireworks which provides the Christchurch Park display.