BIBA: Insurers should reward flood prevention action

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BIBA: Insurers should reward flood prevention action

Mon 3rd Nov 2008

Insurance providers should reward those who take responsible action against floods, it has been claimed.

This is one of several measures suggested by the British Insurance Brokers' Association (BIBA), in response to a government consultation about flood protection for homes and businesses.

BIBA says that "responsible property owners" who take action to reduce the risk of flooding should receive discounts or improved terms and conditions in their insurance policies.

Among BIBA's other calls are VAT exemptions for flood repair work and free flood surveys for all homes and firms in high-risk areas, not just low-income families.

It also wants the government to create detailed and updated flood maps with the help of the insurance industry.

BIBA's services include technical advice and business support, as well as maintaining standards in the insurance industry.

It advises its members, consumer bodies and the regulator on insurance issues and comprises members who are regulated advisers.

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