Prestige Underwriting signs up for Build Back Better scheme

Prestige Underwriting has joined Flood Re’s Build Back Better scheme, making the firm the first managing general agent (MGA) to do so. With this, Prestige Underwriting now offers its customers access to reimbursement costs of up to £10,000 over and above work to repair damage and losses caused by a flood in the UK.

Launched in April 2022, Flood Re’s Build Back Better scheme is a joint initiative between the UK insurance sector and the UK government to promote the availability and affordability of flood insurance. As part of the initiative, Prestige Underwriting can now claim back funds from Flood Re, which go to pay for the installation of flood resilience measures including raised electrical sockets, self-closing air bricks, non-return valves, flood resistant doors and more.

The Build Back Better scheme features prominent names in the industry, including Ageas, Aviva, Axa, Covea, Hiscox, NFU Mutual, Lloyd’s Banking Group, LV= General Insurance and RSA. These insurers account for over 65% of the UK’s residential property insurance market.

Flood Re CEO Andy Bord praised Prestige Underwriting’s entry into the initiative, saying that the goal for Build Back Better is for it to become a standard offering in the UK for home insurance policies.

“I am delighted that the Build Back Better scheme is now attracting interest from the flourishing MGA sector, which is traditionally focused on more niche and specialist risks. Investing in property-level flood resilience measures as part of a flood repair provides important reassurance to householders that their home is better protected against future flooding. The UK needs to fully embrace this sort of adaptation if it is to be able to cope with the impacts of the UK’s changing climate,” Bord said.

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