BIBA Announce new Commercial Flood Scheme

BIBA Announce new Commercial Flood Scheme

The British Insurance Broking Association (BIBA) has recently announced the launch of a new flood scheme for businesses that were ineligible for insurance cover under the Flood Re scheme. This will mean that several businesses and to-let properties that were previously unable to obtain flood insurance will now be able to acquire affordable protection.

The scheme which was designed by BIBA along with flood risk specialists and brokers, is available exclusively for BIBA members, and will help small to medium sized companies in the high risk, flood areas. By using an advanced mapping facility, which pin-points exactly the location and features of an individual property, means that properties can have insurance put in place specific to their own risks.

Jason Oldham, Senior Manager at Pi-Property Insurance, said, “This initiative is to be warmly welcomed and seeks to address one of the key concerns following the creation and introduction of Flood Re, what about businesses at increased risk of flooding?

It is a great example of collaboration within the private sector and it will be interesting to see how effective it is in delivering cost effective transfer of flood risk from small to medium size businesses via their insurance. Hopefully BIBA will produce data in the near future that can be used to increase our knowledge of flood exposure and its cost, in addition to evidencing to the general public how much economic benefit insurance delivers at a local and national level by reason of these private initiatives.”

The product which was launched in December is now available to all BIBA members. If you would like to talk to someone about the new scheme, please give us a call today on 01789 761 660

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