Defra to publish study on SME coverage availability in December
Biba and the ABI will meet on 4 July to discuss flood insurance solutions for small businesses (SMEs), who will be excluded from the Flood Re scheme.
In addition the Department for Environment, Food and Rural Affairs (Defra) will announce the initial findings of its research into flood cover availability in December this year.
The announcement follows the two trade bodies’ meeting on Monday this week with flood minister Dan Rogerson, other Defra representatives and trade bodies from the property industry to discuss coverage for those excluded from Flood Re.
The meeting followed the results of a Biba survey into the availability of flood insurance, which the association says found evidence of small businesses already struggling to obtain cover under the current Statement of Principles.
Flood Re will replace the Statement of Principles in summer 2015.
After the meeting Biba said it would be meeting separately with the ABI next week to discuss issues around coverage for parties excluded from Flood Re in more detail.
However, despite its previous stance, the broker trade body says it is now not pushing for SMEs to be included in Flood Re, something that the ABI is opposed to.
Biba executive director Graeme Trudgill said: “We are not saying Flood Re has to be extended to include the excluded classes, but we are seeking appropriate solutions for each of the separate excluded classes. Our aim is to find a positive way forward for members and their customers to access affordable insurance in the future.”