Prestige Underwriting has joined Flood Re’s Build Back Better scheme, becoming the first managing general agent to do so.
The development means that Prestige can offer its customers access to reimbursement costs of up to £10 000, over and above work to repair damage and loss caused by a flood in the UK.
Prestige Underwriting joins insurers Ageas, Aviva, Axa, Covea, Hiscox, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products), LV= General Insurance and RSA on the scheme. This group accounts for over 65% of the UK’s residential property insurance market.
The Build Back Better scheme, launched in April 2022 by Flood Re, the joint initiative between the UK insurance industry and the UK Government, promotes the availability and affordability of flood insurance.
The funds, which the MGA can claim back from Flood Re, can be used to pay for the installation of flood resilience measures such as raised electrical sockets, self-closing air bricks, non-return valves, along with flood resistant doors and the replacement of wooden floors with waterproof tiling and grout. The scheme also covers the cost of surveys to understand the flood risk and potential mitigation of individual properties.
Chris Duck, head of Property Underwriting, Prestige Underwriting commented: “Being a victim of flood can be devastating not just from a physical and financial perspective but also emotionally. It’s imperative that more is done to protect those at risk of flooding and that’s why I’m delighted for Prestige Underwriting to participate in such a revolutionary scheme as Build Back Better.”
“By supporting our policyholders to increase the flood resilience of their property by way of both limiting the entry of floodwater into their home and minimising the impact of any water which does manage to get inside we will be able to help those impacted to resume their normal life more quickly.”
Andy Bord, CEO, Flood Re added: “I am delighted that the Build Back Better scheme is now attracting interest from the flourishing MGA sector which is traditionally focused on more niche and specialist risks. Investing in property level flood resilience measures as part of a flood repair provides important reassurance to householders that their home is better protected against future flooding. The UK needs to fully embrace this sort of adaptation if it is to be able to cope with the impacts of the UK’s changing climate.”
Established in 1997, Prestige Underwriting specialises in the provision of non-standard and bespoke personal and commercial lines of insurance. Its non-standard home product, Coverall, is designed to help brokers in placing those more difficult risks by providing an adaptable approach to risk appetite and underwriting stance. It auto-quotes for a wide variety of unique risks including unoccupied properties, non-standard construction, holiday homes and residential let properties.