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01 February 2011

Goodna Flood Update: Stores not covered by insurance

AN entire shopping centre will remain in ruins for weeks because just three of the 25-plus businesses had insurance policies that covered river flooding.

Martin Schultz, owner of the Discount Drug Store in
St Ives Shopping Centre in Goodna, is upset that his
insurance company is refusing to pay out.

AN entire shopping centre will remain in ruins for weeks because just three of the 25-plus businesses had insurance policies that covered river flooding.

But remarkably, some businesses in Goodna's St Ives Shopping Centre were covered for acts of terrorism – just in case the working-class suburb was the target of a sleeper cell.

Insurance, or the lack thereof, has become the most agonising part of January's epic flood for Ipswich residents.

Five feet of water swallowed the shopping centre on January 12, turning it into an aquarium, with bull sharks reported to be swimming through its car park.

But now that the water has receded, dozens of business owners have realised their insurance policies do not cover the millions of dollars worth of damage and loss of trade.

Martin Schulz, owner of the centre's Discount Drug Store, said he was astounded that his policy did not cover loss of trade due to flooding.

"Frustrated is an under statement. Another word comes to mind," Mr Schulz said.

"I have loss of trade cover, but my insurer said my store was flood damaged and was not able to open, which is apparently not the same as loss of trade.

"I am out of pocket by about $850,000 because I've had no money coming in and the damage bill and products that floated away I need to replace."

www.QT.com.au

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