Henderson launch innovative Flood Excess buy-back scheme

The scheme, which will operate under the name flood xs, will be available exclusively via Henderson Insurance Brokers’ wholesale facility ‘connect to the hub’ (the hub). It gives brokers the opportunity to provide a holistic flood insurance solution by covering primary flood excess.

Providing a wrap-around flood solution

Flood xs enables brokers to provide a wrap-around flood solution for their clients. The product has been developed with a quality underwriter, and it is available UK-wide (excluding Northern Ireland, Isle of Man and Channel Islands). An important aspect of flood xs is that it can used regardless of who supplies the client’s primary flood insurance. Excesses of up to £100,000 can be insured and it should be noted that claims below the primary flood excess will be covered in full (subject to the hub’s excess, if applicable). 

Ged Hickey, Schemes Director, says: “We’re excited to be launching flood xs via the hub. We’ve designed this buy-back scheme to provide a new, innovative solution that gives the insured the power to insure their primary flood excess. Key for us this is that it puts the hub’s broker partners at a competitive advantage by allowing them to offer a complete solution to those clients at risk of flooding.”

Driven by necessity

Changes in UK weather patterns means that the risk of flooding is rising and the consequences of a flood incident can have a have deep impact on property owners, regardless of the size or type of portfolio. It is estimated that over 300,000 businesses and as many as 1 in 6 homes that were once considered to be in safe areas could now susceptible to flooding issues. The future could be even more unstable.

The increased risk of flooding can lead to problems for some property owners in obtaining flood insurance and even for those who are successful in getting cover, a high excess could be applied. Following a flood incident, the last thing the owners of flooded properties need is a high excess.