BLM, the UK and Ireland’s leading legal insurance and risk specialist has assisted in establishing and developing Flood Re, a ‘world first’ organisation for the insurance market. Flood Re is a pooled insurance system which will allow even the highest risk homes to insure against floods.
BLM secondees Natalie Webber, Miriam Rahamim and Daniel Johnson were fully integrated into life at Flood Re from 2013-2015. They supported its teams during the company’s infancy through to September 2015 where it is now preparing to be tested across the market in early 2016.
The team provided legal assistance to support the start-up project including procurement, liaising and negotiating with Government officials, drafting company constitutionals and contracts, drafting responses to consultations and finalising legislation.
Speaking about her experience, Miriam Rahamim a BLM trainee said: “I joined the project seven months’ ago and it has been immensely rewarding. I have experienced many stages of the project from design, build, testing and integration. Working in-house at Flood Re whilst being a trainee at BLM has no doubt strengthened my knowledge of the insurance industry and the practical issues faced by organisations.”
Daniel Johnson is a newly qualified solicitor at BLM but undertook a placement during his training contract. He commented on his experiences at Floor Re and said: “I was heavily involved in finalising the secondary legislation which defines how Flood Re will operate. Shortly after my secondment the regulations were laid before Parliament – it was fascinating.”
Brendan McCafferty, Flood Re CEO said “Flood Re is a complex undertaking requiring a range of skills and we are pleased that Natalie, Daniel and Miriam benefited so significantly from the experience and we thank them for their terrific contribution.”
Flood Re is a not-for-profit scheme owned and managed by the insurance industry whilst being publicly accountable, and is still subject to regulatory approval. The flood element of a home insurance policy will be placed in Flood Re. It should significantly improve the availability and affordability of flood insurance for up to 500,000 UK households.