AccordingtonewresearchfromLloydsTSBInsuranceandthe.docVIP

14/03 23 January 2003 LLOYDS TSB INSURANCE CALLS FOR CONSISTENT HANDLING OF FLOOD DAMAGE New report highlights inconsistencies in flood damage remedial work and gives the first definitive recommendations for repairing flood damage With flood damage to homes becoming increasingly more common in the UK, new research from Lloyds TSB Insurance and the Built Environment Research Unit (BERU) at the University of Wolverhampton, shows that flood-damaged property needs to be assessed more consistently across the insurance industry. The impetus for this new piece of research stemmed from a perceived problem Lloyds TSB Insurance identified when dealing with flood repairs. It was recognised that customers living in similar properties – say a row of terraced houses – and who all experienced a similar flooding event were all treated differently by their various insurers. The differences in the service provided to the insured in the event of a flood, was often found to cause customer dissatisfaction. Lloyds TSB Insurance’s initial step in light of these findings was to engage Drs Proverbs and Holt of the University of Wolverhampton in a full international literature review, the results of which showed there was no industry best practice in these situations. Following on from the literature review, this new report, two years in the making, offers benchmarks and recommendations for best practice in the repair of flood-damaged properties in the UK. It provides the insurance and construction industry with the first definitive recommendations for the reinstatement of flood-damaged domestic properties, based on the opinions of experts in the field including chartered building surveyors, insurance loss adjusters and other professionals involved. …/more LLOYDS TSB INSURANCE CALLS FOR CONSISTENT HANDLING OF FLOOD DAMAGE/…2 The research was conducted in collaboration with the Royal Institution of Chartered Surveyors (RICS) and supported by several key professional bodies includi