Flood Re has produced a targeted training video to drive a deeper understanding of the Build Back Better scheme within insurance companies, managing general agents, brokers and throughout the claims supply chain.
The short video details the 11 core principles that drive the scheme, which enables insurers to offer householders the chance to install property flood resilience measures up to the value of £10,000 when repairing their properties after a flood.
The video was launched at Flood Re’s recent Insurer Day in front of 10 insurers at the M3 Floodtec Flood House in Worcestershire.
To date, 65% of insurers that are signed up to Flood Re support the Build Back Better scheme.
They include 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.
Kelly Ostler-Coyle, head of communications at Flood Re, commented: “Flood Re’s mission is to ensure that affordable insurance cover will continue to be widely available after it ceases trading in 2039. Core to this challenge is the widescale adoption of Build Back Better and an increase in the resilience of the UK’s housing stock to the impacts of climate change.
“We want to see Build Back Better becoming a standard offering on all residential property insurance policies in the future—but to get to this stage it is essential that everyone involved in the market—from underwriters to claims personnel, brokers and those on the ground in the supply chain are fully conversant with how the scheme works and how it can make a difference to both future claims costs and significantly reduce the stress and trauma for those impacted by flooding.”