Flood InsuranceIt is now recognised that in England and Wales, more than 5 million people live and work in areas that are at risk of flooding from rivers or the sea. Not all is lost though – if action is taken to prepare for flooding. While in some areas we are currently facing a drought, the worry of flooding is still present in many areas of the country. The LGA (Local Government Agency) who acts on behalf of 350 councils in England and Wales, has recently written to the Government and the Association of British Insurers to ask them to tackle the issue of the Statement of Principals, agreed back in 2000. This means the Government backing comes to an end in June and will present businesses in high risk flood areas with huge cost implications as the industry works out how to price flood areas. It is expected initially, rates and excesses for businesses in flood areas will increase and in some cases, cover may not even be available. As more information becomes available we will keep you informed.
If you would like more information relating to flood or wish to discuss your own flood problems and the impending changes, contact us on 01707 883377 or email us on firstname.lastname@example.org
Tags: Flood Insurance
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