York MP welcomes new flood insurance scheme for businesses
9:30am 12th December 2016
The British Insurance Brokers' Association (Biba) will today launch a commercial insurance scheme for businesses which it confirmed will include flood cover "for many commercial premises and let properties located in areas at risk from flooding". The new scheme is intended to protect businesses excluded from Flood Re.
The new scheme will help members meet the usual commercial insurance needs of small and medium sized businesses that are ineligible for Flood Re. Quotes for the new scheme were available from 7th December with cover starting with effect from 12th December.
The scheme also offers customers the option to 'buy-back' any flood excess that is applied because of the business location meaning they can choose the amount of risk they want to bear themselves.
York Central MP, Rachael Maskell, has been calling for a scheme to provide affordable flood insurance for businesses when many businesses in York experienced difficulties obtaining cover following the Boxing Day floods last year.
Rachael Maskell MP says:
"I am particularly aware of the challenges that businesses have faced as a
result of the floods of 2015. Since I have been making representation to the
Government and insurance industry about developing a Flood: Re, risk
sharing scheme for businesses. It has been frustrating that the Government
have refused to consider this option, however the insurance industry have
recognised the challenges faced by companies that were flooded or are
marked as being at risk of flooding and the British Insurers Brokers
Association (BIBA) have launched a new product for businesses.
"The new product works with a number of companies to provide far more
precision mapping of properties and their risk to flooding. The precision
mapping tools do not just have regard for postcode, but the property itself.
They have also taken on board resilience and resistance measures that have
been built into premises to lower the risk of flooding.
"While this product may not benefit all SMEs, it should certainly provide
assistance to many in lowering insurance premiums and excesses. Estimates
are available from 7 December, and policies will commence from 12
"If you have further questions about the new scheme please contact BIBA or
refer to their website www.biba.org.uk. Alternatively, constituents can e-
mail me at rachael.maskell.mp to obtain further information."
|Get the latest local news direct to your inbox.
Sign up now for our email updates.