Flood Re: SMEs left at risk, say brokers
The replacement for the Statement of Principles comes under attack
The British Insurance Brokers’ Association (Biba) last month responded to the Department
for Environment, Food and Rural Affairs’ (Defra) flood insurance consultation with a number of concerns.
It came after a provisional deal, Flood Re, was announced in June between insurers and the government to replace the Statement of Principles (SoP). The industry-backed levy has been designed to create a pool to support insurers when paying out on claims for high-risk homes.
High up on the list of Biba’s
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