Contractors All Risk: The Importance of Flood Defence
March 29 2021 By Mitch Cookney
With demand growing for city centre apartments, plots located by watercourses, including rivers, canals and seafronts, create attractive opportunities for developers.
Often, these developments will have considerable underground car parking and basement works. This large amount of development is causing concern for insurers who are becoming less keen on writing such risks or when providing cover, will exclude or restrict Flood Cover.
When substantial work is done below the water level this can cause further concerns. However, understanding your defences can enable underwriters to provide accurate terms and help reduce such concerns.
How Reich can assist:
- Involving us with large projects early allows us to engage with an insurer's engineers who can assist with the flood risk management strategy.
- We are able to work on flexible deductibles (depending upon the various stages of the build), meaning the excess matches the exposure.
- We are able to discuss full flood strategies with insurers to push for fair and reasonable restrictions.
To read more Construction and Development blogs, please click here.
Please get in touch to find out more.