New insurance scheme offers hope for flood-hit businesses
BIBA have recently launched a commercial insurance scheme including flood to cater for risks in flood hit areas. Quotations will also be available, in most cases, for those that have previously suffered from flood damage.
There are 3 specific products available:-
- Commercial Combined for manufacturing and distribution trades
- Retail, Office and Surgery packages
- Property Owners for individual and portfolio property investors
Each product has wordings that include loss damage and liabilities that you would expect from a standard comprehensive commercial policy.
Key benefits of the scheme are:-
- Recognition of flood resilience and resistance measures in pricing and terms
- Availability of optional additional policy covering high flood excesses
- Potential to consider resilient repairs as part of claims solution
- 24 hour 365 day property claims notification line
As mentioned above, the scheme includes an Excess Buy Back facility. Should a high flood excess apply, this can be insured for an additional premium.
TI Accountancy, through Ten Insurance Services, are members of BIBA meaning we have access to this scheme, should you require a quotation please do not hesitate to get in touch.