Total losses from the devastating explosion at the Buncefield oil depot could reach £1bn, according to a loss...
Total losses from the devastating explosion at the Buncefield oil depot could reach £1bn, according to a loss assessor at the scene.
Nick Balcombe, Balcombe's chairman and chief operating officer, said that estimates for total insurance bill expected from the disaster, including claims from residential and the nearby commercial estate, range from £200m to £1bn.
Balcombe said his company was working on behalf of eight companies, including Northgate, one of the buildings that was severely damaged in the nearby commercial estate. He said the accumulative total of those claims would be in excess of £100m.
Meanwhile, Total UK has appointed its own internal team to investigate the explosion.
The Health and Safety Executive and the Environment Agency have also begun a separate investigation into the cause of the explosion and subsequent fire damage.