Insurance News Archive
Anti-flood funding 'could lower commercial property insurance costs'
Commercial property insurance customers may be pleased to learn that a government agency plans to invest in improvements to UK councils' flood prevention measures, which could potentially lower premiums.
A £2 million boost in funding to help local authorities deal with flood risk assessments was announced today by environment minister Richard Benyon, as part of a package of measures to help prevent and manage future flooding.
He said: "Local authorities clearly have a vital role in managing flood risk and we aim to give them all the support we can, not only through funding for defences, but also by providing guidance on planning for a flood and training for staff."
Last month, landlords were encouraged to seek out commercial property insurance when a burst water main in Reading highlighted the potential dangers of being uninsured.
A spokesperson for Thames Water suggested that there were many reasons for mains pipes to burst unexpectedly, emphasising the need for buildings insurance cover to protect against the unpredictable nature of such events.
Posted by Dan Winters
02 Aug 2010
