Commercial property contracts under threat from flood defence cuts, says JLT
The Government’s £200m cuts on flood defences could have a catastrophic effect on the commercial property market by making flood insurance unavailable, Bill Gloyn, partner, european real estate at JLT has warned.
Mr Gloyn stated that insurance against flood damage is critical to a whole range of contracts in the real estate business - construction contracts, leases and funding agreements.
Although cover is currently available in the UK, the Statement of Principles agreed between the Association of British Insurers and the government in 2008 stipulates that the government must maintain and improve the country's flood defences. That deal and the continuity of flood insurance is in doubt according to Mr
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