At last: after years of being left out of plans for flood insurance, there’s firm news for businesses at risk of flooding. The British Insurance Brokers Association (BIBA) has this week launched an affordable flood insurance scheme for businesses.
One of the key gripes about Flood Re, which was launched earlier in the year, was that it only offered affordable flood insurance for residential properties. This was put into particular focus by the winter floods of 2015 and 2016, when so many businesses were hit.
This added to the momentum for something to be introduced which would extend the reach of Flood Re (we wrote about this a couple of months ago). So now BIBA should be congratulated for sticking to its promises and finding a solution. And this doesn’t just apply to businesses: it will also offer flood cover for rented properties.
One interesting aspect of the new scheme is that it is going to give customers some choice in the level of excess which would be applied in the event of a claim. This will reflect their specific location and how much risk they want to bear themselves: it’s not ‘one size fits all’.
So, as we approach the end of 2016, it seems that affordable flood cover for anyone at risk is finally here. But even though this is a happy note on which to finish the year, let’s hope the new schemes aren’t tested through a repeat of last year’s Christmas and New Year floods.