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Policy Excess Ltd., London, has launched Flood Excess Insurance to help small and medium-size U.K. enterprises in flood zones pay the deductibles on their flood coverage.
The policy is underwritten by Catlin Insurance Co. (UK) Ltd., Policy Excess said Monday in a statement.
Many U.K. business faced steep increases in their flood insurance deductibles following widespread flooding earlier this year in the United Kingdom, Policy Excess said in a the statement.
“Many landlords, business owners and managers are unaware of the potential implications arising from greatly increased excess limits, with many now set at tens of thousands of pounds,” Chris Netherton, CEO for Flood Excess Insurance said in the statement. “Weather events that are only expected once every hundred years have been occurring with greater frequency, meaning insurers are unable to continue providing the same levels of indemnity. With Flood Excess Insurance, U.K. (small and medium-size enterprises) can be certain that a high excess bill following a flood will not jeopardize their livelihoods.”
Flood Re Ltd., the government-backed household insurance plan for homes in flood risk areas of the United Kingdom, was launched Monday and assigned an A- financial strength rating by Standard & Poor's Corp.