The following Environment guidance note Produced in partnership with Argyll Environmental and Burges Salmon provides comprehensive and up to date legal information covering:
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The property, legal and financial markets are becoming increasingly sensitive to flooding and flood risk as the cost of flood damage continues to escalate.
Flood insurance plays a crucial role in the management of financial losses associated with flood damage. The Council of Mortgage Lenders explains that flood insurance costs may affect mortgage affordability and the amount that a lender might lend. Properties may become un-mortgageable if the cost of insurance becomes prohibitive. Similarly, most commercial lending agreements require fully comprehensive insurance.
Where a property is not mortgageable, there may be difficulty when selling the property in the future. Failure to appreciate the escalating costs of flood insurance premiums in high risk areas can have serious consequences for those who own property in these areas.
Flood insurance will typically provide different aspects of cover depending on the policy in place and whether the
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