The recent Sterling Survey reveals that 76% of the brokers think that insurers have an obligation to provide flood cover in their household policies but that they can charge an appropriate premium for this risk. Brokers were asked to recommend actions should there be no replacement for the Statement of Principles on the provision of flood cover in 2013. Conversely, less than a quarter of brokers surveyed thought that it was incumbent on the policyholders to take on the burden of the flood risk.
David Sweeney, Director, Personal and Commercial Insurance at Sterling Insurance comments:
"The risk of flood damage to property is increasingly present. As April and May's heavy rain demonstrates there is no longer a typical time in the year for these claims to be made so it is increasingly important for policy holders to be covered. By the same token the majority of the broker community recognises that insurers should continue to provide flood cover and it is only right that they can charge an appropriate premium for this risk."
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