The British Insurance Brokers’ Association (BIBA) has partnered with Mi Commercial Risks to extend BIBA’s flood scheme to include coverage for small- and medium-sized enterprises.
Aimed at businesses with assets under £1 million, the new flood SME product provides flood-only cover for a limit of either £25,000 or £50,000. It is supported by London Market and Lloyd’s A-rated capacity.
The new offering, available exclusively to BIBA members, is designed to be purchased alongside a standard commercial package policy and covers flood damage plus additional costs, such as replacement of property, clean-up, moving to or from additional premises, and defending against additional flood damage.
“Supporting BIBA on this important scheme by creating a product that matches the needs of SMEs and their brokers who were previously struggling to find cover is a demonstration of Mi Commercial Risks’ innovative approach,” said Mi Commercial Risks managing director James Wheddon.
According to BIBA technical services head Mike Hallam, SME flood is a sought-after proposition.
“Members have asked for this product,” he commented, “and smaller businesses want it too, so it’s all-round good news. Our existing flood scheme has proved valuable to members, but now it aims to offer cover for all types of clients whether through the main scheme or this new extension.”
