MP Sir Robert Smith has signed a motion to take action to ensure that affordable flood insurance is made available to small businesses.
The Statement of Principles Agreement between the Association of British Insurers and the Government, which guarantees the provision of flood insurance for at-risk properties, is due to be replaced next year by a new Flood Re scheme.
Flood Re will not cover small businesses and a cross-party motion is calling on the Government to introduce a Flood Re 2 agreement to ensure that small businesses will also have access to affordable flood insurance.
Sir Robert said:“I welcome the Government’s new Flood Re scheme that will help to ensure that families living in at-risk areas will be able to access affordable flood insurance.
“However, we must not forget that flooding can cause hardship for small businesses as well.
“Livelihoods can be destroyed by flood damage but some insurance companies will not offer cover in areas at risk of flooding.
“If they do, premiums and excesses can sometimes be prohibitively high.”