After the terror attack in June 2017 at London Bridge and Borough Market I campaigned to improve support for employers in the event of terror atrocities in the UK. The Home Secretary kindly acknowledged my work on this issue in the Commons here.
The Queen has now signed off the Counter-Terrorism and Border Security Act which includes measures to ensure that ‘non-physical damage’ to businesses after attacks is now covered by the Government-backed Pool Reinsurance system. This could have helped in SE1 by covering the costs of restaurants and other firms forced to close and all those who lost stock, orders and customers for example. 150 businesses were affected in the Borough Market and London Bridge attack and lost £2 million. Had the new legislation been in place, much of this would have been avoidable, although it is disappointing that the Act is not retrofitting the coverage.
I am glad to have helped change the law. The Government, Pool, insurers and brokers now need to boost take-up of terror insurance and to keep the law under review.