The tax-paying public may not be responsible for the cost of repairs and restoration at Glasgow School of Art's Mackintosh building after June's devastating fire.

A report in The Insurance Insider has revealed that the construction market is facing a loss of about £100million from the blaze earlier this summer. 

Travellers Syndicate 5000 have been named as the lead insurer on the "all risks" policy while Talbot and StarStone have also been named as carrying risk. 

READ MORE: Glasgow residents' looting and damage fears after Art School fire lockout

The policy was taken out in 2014 by contractors Keir after rebuilding work started following a previous fire that year. 

A Glasgow School of Art spokeswoman told The Sunday Times: “The shoring scaffolding on the east gable and south east corner of the building, which is a critical part of the work to make these areas safe, is less than a week away from completion.

"After this we hope very much that Glasgow City Council will reduce the size of the security cordon allowing people on Dalhousie Street and Sauchiehall Street to return to their homes and businesses.”

She added that there could still be additional fund-raising but the GSA’s focus “remains firmly on making the building stable and allowing local residents and workers to return”.

CASE STUDY: My poor little sister doesn’t understand why we can’t go home - neither can I

Both the Scottish and UK governments have offered their support in restoring the Mackintosh building. 

A fire service investigation is currently underway but questions remain over the rapid spread of the flames during the blaze. Despite this, sources say that the likelihood of legal action arising from these issues was "remote". 

The building had been due to reopen in 2019 after work had taken place for almost four years. 

Glasgow North East MP Paul Sweeney added that it was “reassuring” that insurance will cover the majority of the capital cost of reconstruction.