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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 isn’t included beneath Nationwide Flood Insurance coverage Program insurance policies and is never provided as standalone protection by personal carriers.
The Flood BI product is designed to help organisations vulnerable to flooding throughout your complete US, not simply these within the Gulf and Japanese seaboard.
One of many key options of Flood BI is that there isn’t a restrictions on how shoppers can use their parametric declare funds.
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This flexibility permits for protection of varied points of BI, together with non-damage BI and denial of entry.
FloodFlash stated the rapid-payment claims course of is a core part of its providing, promising full coverage worth payouts inside weeks of a flooding occasion.
This expedited declare service is essential for companies needing quick funds to get well from interruption losses.
FloodFlash may also present professional help to shoppers, helping with all the things from calculating BI limits to the position of sensors and setting coverage triggers.
The protection limits provided by Flood BI are as much as $5m per location, and $2m in Florida.
For bigger wants, as much as $10m is accessible topic to underwriter approval, and a blanket restrict of $10m for multi-location submissions.
The sectors that may profit from this protection embody resorts 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 coated by insurance coverage – and an enormous a part of that uninsured loss comes from enterprise interruption. The BI choices available on the market are too few and provided too not often.
“We couldn’t be extra excited to launch Flood BI. It takes the identical ideas of the FloodFlash product and applies them for a very under-served part of the market. To the 1000’s of companies vulnerable to flooding that depend on their premises to supply items, hospitality, healthcare and extra, we are able to now say Flood BI is right here to assist.”
Based in 2019, UK-based FloodFlash utilises information modelling and IoT expertise to supply cowl.
Backed by Munich Re, FloodFlash expanded into the US insurance coverage market in early 2023.
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