The alternative proposition the trade body is working on will not require a levy on insurers
The plan by Biba to find an alternative model that will help SMEs get access to affordable flood insurance will involve large insurance brokers and will not require a levy on insurers.
The trade body has had a long held ambition to come up with an alternative solution for classes excluded from Flood Re.
Executive director Graeme Trudgill said Biba was looking at coming up with a commercial proposition for SMEs that will involve large brokers, Reuters reports.
Flood Re, expected to be launched in April, is designed to provide affordable cover to homes at greatest flooding risk.
It replaces the Statement of Principles, which serves a similar purpose but includes small businesses.