Biba has launched a non-standard property household insurance scheme.
The scheme is designed to help its members place high risk properties that have suffered from flood and subsidence or whose occupants have criminal convictions.
Biba said that the new scheme, run in conjunction with Bureau Insurance Services (Bureau) covers three of the hardest risks to place.
Chris Jordan, managing director of Bureau, said: “Overall, this is a £1bn market, even with subsidence impaired properties there are 400,000 houses that have been underpinned in this country, and at an average of £800 per risk that amounts to over £300m.”
Graeme Trudgill, Biba technical services manager, said: “Add to this the fact that 800,000 people were criminally convicted in 2004 and that flood damaged or susceptible properties are often declined cover by insurers, and you can see how widespread the problems are.
"It is important that the broker community can provide a solution for these risks and this scheme is a fantastic tool for the membership to do just that”.
