WIREDGOV

Blog posted by: Maria Hadro – Category Buyer for Corporate and Financial Services at YPO, 15 November 2023.

In the last couple of weeks, the UK has been hit with horrific storms, resulting in millions of pounds worth of damage due to high surface water levels. Multiple domestic and commercial properties have been affected, with stock and buildings themselves facing irreversible damage.

It is, therefore, unsurprising that people are now asking themselves: how can we prepare ourselves for what’s unforeseen?

One of the quickest and easiest tools available to everyone for free is the ability to check the long-term flood risk for an area in England. View here.

The Environment Agency identifies the flood risk areas, and information available will help to establish whether we are at risk of flood, making a huge difference as to whether you should consider buying property somewhere or not.

However, as storms with heavy rains are unforeseen cataclysms for those areas not at risk of flooding, it is strongly advisable to also have a resilience plan and strategy in the event of a flood.

A key element to consider is insurance cover in the event of a flood. The damage caused by water can reach millions of pounds, and amongst the stress, emotional and time-critical actions, having to look to where funding can come from is a situation that can be easily avoided by having a policy in place.

YPO are here to help. We offer our customers Brokerage services Framework Agreement 1160 and Insurance Placement DPS 978. When procuring insurance, flood cover can easily be added to a property’s risk portfolio. Our suppliers (brokers and insurers) do not only provide assurance around response claim occurrence and payment of the funds, but they also provide flood forecasting technology with live data allowing for accurate email warnings and notifications, business interruption review, flood risk review and more.

For more information, please visit the below links:

• Zurich Municipal: Previsico
• Gallagher Webinar