The All Party Parliamentary Group on Insurance & Financial Services has submitted its views on Flood Re to the Department for Environment, Food and Rural Affairs (DEFRA).
The group held several meetings during the last year as the debate about replacing the decade-old Statement of Principles gathered momentum and was instrumental in helping inform and shape the solution that has emerged.
However, it believes some key points still need to be addressed:
• A clear commitment from the government on capping laibilities so that Flood Re and the commercial insurance market are not exposed to the full costs of the 1-in-200 year flooding events
• More research into the most appropriate date for any retrospective cut-off for the inclusion of newly-built properties in flood prone areas
• All residential properties – including those in Council Tax Band H – should be included
• Clarity over the inclusion/exclusion of small businesses previously covered by the Statement of Principles. the group believes that any business premises that includes residential accommodation – ie B&Bs, pubs – should be covered by Flood Re
Read the full response: APPG response to Flood Re consultation, September 2013
Note from David Worsfold
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If you are interested in my comments and thoughts on wider political matters, issues affecting the insurance and financial services sector and a whole host of other topics then please feel free to follow my new blog on my website for Worsfold Media Services.
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