The UK Government has published draft clauses relating to its proposed Flood Re insurance scheme.

The program – backed by the Association of British Insurers – aims to cover 500,000 high-risk homeowners by adding a levy to all policy premiums.

Parliamentary Under-Secretary for Natural Environment, Water and Rural Affairs Richard Benyon says the clauses “give a fuller picture of what is intended”.

Feedback is now being sought, with an informal consultation closing on Friday.

Mr Benyon says the Government intended to publish the clauses during the formal consultation period that ended on August 8, but more time was needed.

Concerns about the scheme have already been raised.

The London School of Economics says it may not be sustainable because it does not take account of climate change.

The British Insurance Brokers’ Association opposes the exclusion of SMEs and notes possible problems achieving European Commission approval.

It also notes a £100 million ($170 million) gap between the Flood Re pool’s limit and the reinsurance start point.