Initial estimates by PwC predict damage could hit £400m to £450m with approximately £250m of this paid by the Insurance Industry in claims.
The Cumbria floods in 2009 caused damage totalling £275m including £175m paid by Insurers.
Across the UK in 2007 flood damage totaled £3.5bn of which £3bn was paid in claims.
These are staggering numbers yet the human hardship and suffering floods like this cause cannot be financially compensated for. The destroyed photos, personal mementos, business records and files. These are the things that make a house a home, a workplace a business and they cannot be replaced.
Properly arranged insurance can ensure that the material damage is made good and the financial loss as a result of the interruption is recovered.
However, many businesses fail to satisfactorily get to this point. The required compensation will only be met if the work has been done in advance. This demands a rigorous approach to arranging insurances combined with ongoing risk management supplemented by a good disaster recovery plan.
It’s at a time like this when a competent broker proves his worth.
At Castlemead Insurance Brokers, we take the time to advise on and arrange insurance cover that will robustly withstand a claim and successfully deliver that critical settlement. This is backed up by our dedicated claims handling unit who assist at every stage of the process.
If you would like advice on Flood Risk Management or a second opinion on your Insurance arrangements, please do not hesitate to contact us