Prestige Underwriting first MGA to go live with Build Back Better initiative
We are delighted to be the first MGA to go live with the Flood Re the Build Back Better initiative.
Flood Re launched the Build Back Better initiative in April 2022 to help reduce both the impact and cost of future flooding via the installation of property resilience measures following a flood claim.
To support as many of our Brokers and Coverall/ Thatched Home policyholders as we possibly can, the Build Back Better initiative will apply to both our Ceded and Unceded business meaning that a customer will still receive the same benefits even if we haven’t ceded their policy to Flood Re. We will also apply the benefit to all eligible claims occurring post 29th September 23 regardless of the policy inception date meaning that customers who have either set up or renewed a policy recently won’t need to wait until next year for the benefit to take effect.
We’ve all seen far too often how devastating the impact of flooding to somebody’s home can be both in terms of the emotional distress at the time and the sometimes-prolonged period during which they subsequently have to move out and into alternative accommodation. The typical claims settlement process sees a customer’s home repaired to the same standard and specification as before the loss, this sadly does nothing in terms of providing protection against potential future flooding.
Via Build Back Better, customers who are unfortunate enough to suffer flooding to their home will be offered the chance to install flood resilience measures to their property up to the value of £10,000. These measures will be installed with the aim both of limiting the amount of water able to enter the property in a future flood and ensuring that where water does enter the time taken to clear the property and move back in is drastically reduced, in some cases this has been days compared to months for 2 separate floods at the same property.
As a leading MGA, we are delighted to play our part in supporting the roll-out of this initiative which promotes the availability and affordability of flood insurance for Property Owners across the UK.
About Prestige Underwriting
Long established and highly trusted across the UK and Ireland for developing non-standard and niche insurance products, we enable brokers and partners of diverse size and scale to compete in a highly dynamic marketplace.
Our 130-strong team-work in partnership with around 1,300 brokers and partners with the aim of not only meeting their needs but, wherever possible, exceeding their expectations.
At Prestige Underwriting we take a partnership approach to understanding what our clients' needs are and they find that we are expert and agile specialists in what we offer. We are efficient, flexible and approachable which gives us an advantage and edge to ensure we always deliver for our partners.
Our professional, customer centric, agile and flexible approach to developing, delivering and continually enhancing our products and service offering has been key to securing and maintaining longstanding relationships with our Broker network since 1997.