Polygon UK joined leaders from across the insurance and legal sectors at a recent roundtable event exploring the relationship between climate change and property risk.
Hosted by Modern Law Magazine, the roundtable was supported by Terrafirma, a specialist in geospatial and climate-risk solutions.
Richard Done, Polygon UK’s Commercial Operations Director, provided a view from the damage management sector on the growing flood risk faced by many property owners across the UK.
He opened the conversation with an observation that policyholders need more support in understanding their changing exposure to flood risk, highlighting that many people are unaware of the precise terms of their cover.
“Sadly, people don’t always understand the wording within their policy,” explained Richard. “We’ve got to be better at letting people know they’re not covered for these physical hazards.”
Richard cited the example of the flooding on the River Don in 2020 when some homeowners were left at a loss because claims were invalid.
The roundtable went on to discuss ways that insurance and planning could change in future to accommodate more sustainability and resilience, helping to future-proof homes and businesses from climate-related damage.
Download the full write-up of the roundtable (PDF) here.
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