The British Insurance Brokers’ Association (BIBA) has announced a new commercial insurance scheme for businesses that will officially include flood cover "for many commercial premises and let properties located in areas at risk from flooding".

Back in January this year, BIBA revealed that it was working on a new solution for businesses that are excluded from Flood Re.

The new scheme has backing from Lloyd’s underwriting capacity and uses an advanced mapping facility developed by Landmark which pinpoints the exact location and features of an individual property. Having such specific information and details risk reflection allowed each business to actually have insurance based on its own specific risk.

There is also a ‘buy-back’ option which allows customers to purchase any flood excess that is applied because of the business location which means they can choose the amount of risk they want to bear themselves.

Here’s what Steve White, chief executive of BIBA had to say: Steve White, chief executive of BIBA said: "BIBA invested time in finding what our members needed to provide to business clients.

"We have been working closely with government ministers and their teams in relation to flood cover for some time. They were as keen as our members for us to find a solution for businesses struggling to access flood insurance.

"We are delighted that this scheme will now be able to provide protection for many of the businesses that have not been able to buy cover against flood damage."

Quotes for the news products are available to BIBA members from 7 December and cover from 12 December.