FloodFlash, a parametric insurance coverage expertise firm, is launching a brand new product to supply enterprise interruption (BI) protection within the US.
The launch comes forward of the anticipated hyperactive 2024 Atlantic hurricane season.
Known as Flood BI, the brand new resolution goals to deal with the problem many companies and public entities face in acquiring BI protection.
FloodFlash famous that BI protection shouldn’t be included beneath Nationwide Flood Insurance coverage Program insurance policies and isn’t supplied as standalone protection by personal carriers.
The Flood BI product is designed to assist organisations liable to flooding throughout your complete US, not simply these within the Gulf and Jap seaboard.
One of many key options of Flood BI is that there isn’t any restrictions on how purchasers can use their parametric declare funds.
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This flexibility permits for protection of assorted elements of BI, together with non-damage BI and denial of entry.
FloodFlash stated the rapid-payment claims course of is a core element of its providing, promising full coverage worth payouts inside weeks of a flooding occasion.
This expedited declare service is essential for companies needing fast funds to get better from interruption losses.
FloodFlash may even present skilled assist to purchasers, helping with every little thing from calculating BI limits to the position of sensors and setting coverage triggers.
The protection limits supplied by Flood BI are as much as $5m per location, and $2m in Florida.
For bigger wants, as much as $10m is on the market topic to underwriter approval, and a blanket restrict of $10m for multi-location submissions.
The sectors that may profit from this protection embrace lodges and hospitality, sport and leisure, retail, healthcare and assisted dwelling, actual property, manufacturing, municipality, and training.
FloodFlash US industrial director Wealthy Coyle stated: “Flooding causes billions of {dollars} in losses throughout the US yearly but solely 20% of these losses are lined by insurance coverage – and an enormous a part of that uninsured loss comes from enterprise interruption. The BI choices in the marketplace are too few and supplied too hardly ever.
“We couldn’t be extra excited to launch Flood BI. It takes the identical ideas of the FloodFlash product and applies them for a really under-served part of the market. To the 1000’s of companies liable to flooding that depend on their premises to offer items, hospitality, healthcare and extra, we will now say Flood BI is right here to assist.”
Based in 2019, UK-based FloodFlash utilises information modelling and IoT expertise to offer cowl.
Backed by Munich Re, FloodFlash expanded into the US insurance coverage market in early 2023.
