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Revised Statement 2008
The revised statement as agreed between the Association of British Insurers (ABI) and the government is a “gentlemen’s agreement” and is not binding in law. It is only between ABI members and the government and so does not apply to all insurance companies.
As you can see, it runs out 30th June 2013. Unless something is done fairly soon we could be in for big hikes in our premiums and excesses. The insurance companies will also be in the position to refuse cover to up to 5m homes. Senior figures in ABI have already indicated to us that the statement will come to its “natural end” in 2013. From 1st July 2013 insurance companies will start assessing premiums and excesses more in line with risk, this coincides with more accurate maps of flood risk being produced by the Environment Agency and Local Authorities. Suddenly a lot of people could find themselves in a flood risk area when previously they were unaware of it.
In Morpeth we have produced a proposal that we believe would go a long way to avoid insurance problems post 2013. Please read our document and send us your comments on it.
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