Flood Re is intended to ensure that home owners whose properties are at high flood risk can obtain affordable flood insurance at a set price.
It applies to “household premises” which are defined in the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 (SI2015/1902). Examples of risk categories that will not be eligible for ceding to Flood Re as part of a buildings or combined policy are:
- Freeholders/leaseholders insuring blocks/large number of properties in a portfolio for commercial gain; and
- Housing associations residential properties
Flood Re is operational from April 2016.
You can see more about Flood Re on page 6.
News from Cassandra Zanelli, Taylor & Emmet LLP Solicitors.
