HBOS sets up earthquake claim team

28/02/2008

The earthquake which shook much of the UK yesterday caused so much damage HBOS has set up a specialist team to handle the insurance claims that will arise from structural damage caused by the quake.

The epicentre of the earthquake was 15 miles north of Lincoln, near the town of Market Rasen, and the British Geological Survey (BGS) reported the earthquake as measuring 5.3 on the Richter scale - This is the largest in Britain since 1984.

A significant number of claims have arisen as a result of fallen chimney stacks and cracked buildings across the country.A spokesman for HBOS said it was too early to assess the cost of the damage but he expected it to be one of the costliest nights of the year.He said: "A dedicated response team in Copley is assessing claims and sending personal claims consultants to visit homes where it is required."

Update :  Insurers count the cost of the quake

ABI estimates the cost of the quake to be 30 million

The British Geological Survey (BGS) seismologist Brian Baptie said it was "a significant earthquake for the UK".

Hundreds of homes and businesses were damaged, and insurers estimate they could end up paying out "tens of millions of pounds"in claims.

The Association of British Insurers (ABI) based its assessment on figures for a smaller earthquake in Folkestone, Kent, in April 2007 which resulted in claims totalling £15 million.

© Insurance Jobs Board

Staff writer: David Sutherland