As reported in the Barnsley News and Sport and Barnsley Chronicle on 6th April, the Government have recognised calls including those by Barnsley East MP Stephanie to offer increased protection for victims of terrorism.
The local MP has previously called for the closure of an insurance loophole that has prevented businesses affected by terrorism from receiving compensation for economic disruption.
As the law stands, only victims with property damages have been entitled to pay-outs – a reflection of the era in which the 1993 Reinsurance Act that covers terrorism compensation was written.
But the changes in the targets of recent terrorist attacks has seen areas and independent businesses suffer through closures and reduced custom, often resulting in severe economic losses for business owners.
Back in December, Stephanie Peacock called for a change to this law in Parliament, suggesting that a minor amendment could allow economic victims to be properly compensated.
Acknowledging calls like the Barnsley East MP’s, the Government has vowed to close the loophole.
Pledging new legislation to do so, Pool Re – the Government backed terrorism insurer – will now be allowed to cover business interruption losses such as those suffered during the closures of many Borough Market businesses following the London Bridge attack in 2017.
Welcoming the Government’s intent, the Barnsley MP has called for urgent legislation to be immediately brought forward to ensure the change.
Commenting, Stephanie said:
“As terrorism has changed over the years, our laws have failed to adapt and protect victims.
“It’s wrong that innocent victims can be hit financially through the economic disruption caused by the cowardly attacks we’ve witnessed in recent years.
“I’m pleased to see the Government had taken my appeals on board and pledged to amend this damaging oversight – something I addressed in Parliament as recently as December.
“But it’s still just words and good intentions until legislation to amend the law is brought forward – something the Government must urgently do.”