The Cost of the Camden Town Fire
It is reported that the fire that ripped through Camden Town on Saturday night, will cost an estimated £30 million.
More than 450 people were evacuated from their homes as shops, pubs and the famous market became engulfed by 100ft flames. Much speculation surrounds the cause of the fire, which is said to have started in an alley next to the Hawley Arms, but nothing can be confirmed until investigators have be able to get inside the building, which still has to be made safe. Structural engineers were seen today inspecting what was left of the historic and famous town.
Camden Market Holdings, which owns the destroyed Camden Lock Market, promised to help stall and shop owners to rebuild and have urged that they will do all they can to get things back to normal as soon as possible.
The Council have also vowed to help, but some market stall owners are not happy with the "help" they have been offered, claiming that Camden Council remarked that they "were not an insurance company", despite council business rates amounting to roughly £25,000 a year per stall owner.
Loss Assessors have estimated that the damage to the buildings will run to around £20 million and that each trader could be expected to put in insurance claims for around £100,000 to cover the cost of the loss of stock and earnings. Once the areas are declared safe by the engineers and professionals, loss assessors will be able to get a better idea of the damage and the compensation that market stall owners will be entitled to.
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