The purpose of the scheme is to provide comprehensive cover at highly competitive terms from secure ‘A’-rated Lloyd’s capacity. The proposition also includes an ‘Excess-Buy-Back’ facility, where, because of the nature of the risk a higher flood excess applies, for an additional premium you can cover your policy excess.
The facility caters for business and property owners (it is not available for private households) who have difficulty in purchasing cover for damage caused by flood. This could be clients who have either suffered previous flood damage, are located in areas of high potential flood risk or who have had flood terms imposed.
Each has wordings that include loss damage and liabilities that you would expect from a comprehensive commercial policy. Where the property or the liability risk is outside of underwriting footprint, flood cover may be provided in isolation on selected cases.
The policy is arranged via R&Q Commercial Risk Services Ltd.