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Daily Insurance Industry News
Monday 15th of October 2018
July 15, 2008

NU promotes flood continuity plans for businesses

by Gill Montia

Story link: NU promotes flood continuity plans for businesses

Following the publication of the Pitt Review, Norwich Union Risk Services (NURS) has responded to the report by recommending that companies should develop flood contingency elements in their business continuity plans (BCP).

The Pitt Review revealed that the average period of disruption caused to businesses as a result of last year’s floods stood at 8.75 days.

However, in a survey the insurer found that only 12% of businesses had taken measures to mitigate the effects of flooding.

According to Craig Begg, business interruption risk adviser for NURS, while it may not be feasible to relocate a business to an area unaffected by flooding, it is possible to undertake certain actions that will reduce the damage caused by flooding and improve the speed of recovery.

Mr Begg points out that the value of having a BCP in place was demonstrated last summer when firms with robust plans were able to implement more structured post loss activity than business that were less well prepared.

He is therefore urging companies to prepare a Flood Incident Management Plan and is adding a reminder that any continuity arrangements need to be supported by adequate insurance including Business Interruption cover.

NURS has published a range of measures for businesses to consider on its website.

 

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