Tuesday, July 15, 2008

Deal struck to continue UK flood insurance

Edie.net (UK): UK insurers will continue to offer flood insurance to existing customers in high risk areas providing there are plans to reduce the risk within five years. The condition is part of a deal between the Association of British Insurers (ABI) and Government on the future of flood insurance.

Under the deal, Government will draw up a long-term investment strategy to improve flood prevention. The ABI had threatened to stop offering flood damage protection unless Government invested more in flood defences. It follows last summer's floods, which cost the insurance industry £3m. Ministers have also agreed that the planning system will prevent inappropriate development in flood-risk areas….

The Ythan River in flood, 2002, shot by Martyn Gorman, Wikimedia Commons, under Creative Commons Attribution ShareAlike 2.0 License (cc-by-sa-2.0)

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