Restaurant faces huge rise in costs after floods
Published 26/02/2010 | 05:00
ONE of Cork's leading restaurants is facing a huge premium hike -- or even being refused insurance cover altogether.
Last year, Fenn's Quay was hit with a 10pc insurance increase. That was before the popular bistro was devastated by almost €70,000 of water damage during the floods last November.
Co-owner and head chef Kate Lawlor said the restaurant had to be closed for a week because of the damage. It will now have to shut down for a further fortnight to allow for more permanent structural repairs.
"The floods left us facing a building repair bill of €40,000, an electrical damage bill of €19,000, stock damage of €3,000 and a further €4,000 just to replace water-soiled furnishings," Ms Lawlor said.
"We are still finalising our flood claim but the big fear we have is that our next premium will rocket or, worse still, that we will simply be refused future flood cover," she added.
Fenn's Quay paid €4,100 for premises insurance last year. That was 10pc up on the 2008 rate, despite the fact that there had been no flooding and no claim that year.