Statement of Principles for Flood Insurance
Rivers Agency has taken the lead role in discussions with the insurance industry and in conjunction with other government departments has negotiated a new joint agreement on the provision of insurance for flooding.
On the 30th July 2009 agreement was reached between the Northern Ireland Executive and the Association of British Insurers (ABI) representing the insurance industry. The agreement to a Statement of Principles (SoP) will ensure that flood insurance remains as affordable and widely available as possible so that householders and businesses continue to be able to protect themselves from the financial consequences of flooding. The agreement commits insurers to continue to provide flood insurance, on the condition that the Executive effectively manages the risk of flooding.
Similar agreements are already in place for England, Scotland and Wales.
The SoP will only apply to existing property and will be reviewed annually.
It is anticipated that the SoP will remain in place until 2013 when the need for renewal will be considered.
