The committee discussed the DEFRA report and felt insufficient people had been surveyed and there was concern about FloodRe availability in the broker market.
Software houses feedback on progress to FloodRe access was discussed.
BIBA have produced a document on the issues that the industry faces and highlighting the importance of access to the EU market.
BIBA has produced three guides on this topic, a main guide, mini guide and customer facing guide which were distributed to the committee and will be made available to all members.
Any Other Business
The new Riot Compensation Act 2016 was discussed, along with the court case of Mayor’s Office for Policing and Crime v Mitsui Sumitomo 2016 where the Supreme Court ruled that insurer’s losses for business interruption claims, following damage to the Sony warehouse in the 2011 London riots, were not recoverable under the Riot (Damages) Act 1886.
Insurance Act Presentation
David Hertzell, the former law commissioner, and consultant to Mactavish gave a presentation to the committee on the Act, followed by a lively discussion.