The British Insurance Brokers' Association (BIBA) has outlined in parliament how a new innovation from insurance brokers is able to improve access to flood insurance for SMEs in flood risk areas, and will emphasise the importance of investment in flood prevention and resilience measures.
Presenting to the All Party Parliamentary Group (APPG) on Flood Prevention, Graeme Trudgill, BIBA executive director, explained how BIBA has launched a commercial scheme with MGA, R&Q, available through BIBA members, that does not require legislation and is not funded by a levy.
Mr Trudgill outlined how BIBA has worked with experts to secure advance mapping technology and quality capacity through Lloyd's of London, along with an option to reduce the flood excess.
The scheme aims to provide quotations for the vast majority of SMEs, take into account any flood resistance and resilience measures, and for insurers to provide resilient repair as part of the claims solution if a flood occurs.
More information on the APPG for Flood Prevention can be found at: http://bit.ly/2nAgcMX