Highlighting developments and issues in the real estate industry - Winter 2012.
In this issue:
- Not Waving But Drowning
- Client/Sector Focus - Our Residential Investment Practice
- Case Summaries
- New Offices
- Events and announcements
- New Joiners
- Excerpt from Not Waving But Drowning:
Risk of damage due to flooding has been a long-term concern of the Government and the insurance industry. The issue has become even more important in recent years due to rising sea levels and increasingly severe weather patterns. Approximately 5.4 million properties in the UK are now at risk of flooding and over 185,000 of these properties are commercial properties. Until now, the owners of properties in areas deemed to be at a high risk from flooding have had their premiums subsidised. However, this may change when the Government’s Statement of Principles with the insurance industry on flood insurance ends on 30th June 2013. With the Association of British Insurers estimating that the floods of 2007 cost the UK £3.2 billion and an average cost of between £75,000 to £112,000 per flooded business, this change could significantly affect those who own high risk properties. Owners of these properties need to ensure that they are fully aware of their flood risk as well as the terms of their insurance policies and mortgage covenants.
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Topics: Assignments, EU, Flood Insurance, Flooding, Foreign Investment, Leases, Mortgages, Natural Disasters
Published In: Finance & Banking Updates, Insurance Updates, International Trade Updates, Commercial Real Estate Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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