ProAktive’s Broking Director, Beverley Brown, has been working on a unique project in conjunction with the Sheffield Chamber, Sheffield City Council and Local Chartered Insurance Institute (CII) to make insurers aware of the work that has gone on in the Sheffield Lower Don Valley over the last few years to protect businesses from flooding. Nearly £20m has been spent in total on flood defences, with a contribution made by the businesses themselves by way of a separate levy, in proportion to their size. The work is now complete and, with ProAktive’s help, businesses in the affected area are beginning to see the positive impact of this on their insurance arrangements.
Before the work was carried out most insurers would not have been prepared to write flood cover for any businesses in the affected area. However following the completion of the work the Environment Agency is updating their maps which will show, going forward, that the flood risk is much reduced & risks should be insurable. However, because it takes time for this data to work through into insurer systems ProAktive has been working with insurers locally to make them aware of the project and obtain commitment from them, so that, with their local knowledge, they can look favourably on risks in this area even before their maps are updated.
The insurers involved so far have been Aviva, Axa, Allianz, Zurich & NIG – all of whom have visited the area & seen the works for themselves. Underwriters/surveyors are aware of the project & should be prepared to factor in this new knowledge into their underwriting.
Because of our involvement, ProAktive have a unique insight into the project and we are well placed to offer insurance and risk management advice to companies in the affected area.