www.managingwater.co.uk Industry News & Views
“Partnership funding for flood defence should be simplified with a faster approval process”
LGA Local Government Association
They welcome the principle of Partnership Funding for flood defences but feel that there are improvements to be made to the new Partnership Funding model. They also said that more support is needed to allow recovery following flooding in terms of structural damage to roads and infrastructure. On partnership funding, they say the process should be simplified to maximise local investment. The current approval process for new flood defence works (which can help unlock development) is too long and complex, involving up to one year before final funding approval is given. They also want to see smaller, more rural areas given funding.
The industry has invested a
Flood insurance - “The Government and the insurance industry must reach an agreement as a matter of urgency”
considerable amount of time and money
on the 'Flood Re' solution to the flood insurance issue.
We urgently need Government to agree to work with the industry to deliver Flood Re if we are to meet our shared policy goals and ensure that the UK has a long term and sustainable plan to tackle the risk of flooding and the ability of high risk households to insure their properties.
The Council of Mortgage Lenders point out that having buildings insurance covering normal insured perils (including flood) is a requirement of all mortgages. If insurance is completely unavailable for a property then a consumer would not be able to buy that property with a mortgage. There would be implications for mortgageability if insurance is available but it is either expensive or has a large excess.
Aon Benfield make the point that, with the ABI likely to maintain its position of not favouring cross-subsidisation of higher risk
flood areas by other policy holders, only appropriate government support will give confidence to the insurance business and allow it to provide affordable cover for those in They urge the Government and the insurance industry to reach an agreement as a matter of urgency.
The full report can be seen on the Parliament publications website by clicking the link below.
http://www.publications.parliament.uk/pa/cm201213/cmselect/cmenvfru/writev/flood/flood.pdf
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