[ Draft Flood and Water Management Bill - Impacts to the Insurance Industry ]

"The drought in South East England in 2004-06 and the nationwide floods of Summer 2007 brought home to us what climate change means. We need to be better prepared in the future for both flood and droughts, and ensure that we manage our water resources sustainably."

Draft Flood and Water Management Bill, April 2009

What does this mean for you and your business?

Our policy team has been working hard over the past few weeks evaluating the proposed changes detailed within the Draft Flood and Water Management Bill.
We have summarised the key points below…

Impacts to the Insurance Industry

• All reservoirs above a minimum volume capacity (10,000m³) will be included on an EA register. The EA will classify each relevant reservoir according to whether they pose a threat to human life, or meet technical conditions which, in effect, mean that the risk is negligible.

• The proposed risk-based reservoir regulatory regime could be replaced or appended with insurance-based protection for non-regulated facilities to deliver reservoir safety effectively and proportionately.

• All reservoir managers will be required to produce flood maps and risk assessments for communities located beneath the reservoir to evaluate the risk and control the potential effects of flooding.

Need to find out more about the Draft Bill or flood risk issues in general? Contact us now for a free consultation on +44(0)1273 704 441 or to obtain your personalised summary review of the Draft Flood and Water Management Bill.