With meteorologists predicting an active hurricane season, experts warn of significant property damage and potential disruptions to businesses and communities.
To address the impending risks, FloodFlash has introduced Flood BI, recognising the widespread inability of businesses and public entities to secure BI coverage. Notably, BI coverage is not typically included in National Flood Insurance Program (NFIP) policies, and standalone BI options from private carriers are limited.
FloodFlash US Commercial Director Rich Coyle said: “Flooding causes billions of dollars in losses across the US every year yet only 20% of those losses are covered by insurance – and a massive part of that uninsured loss comes from business interruption. The BI options on the market are too few and offered too rarely.
“We couldn’t be more excited to launch Flood BI. It takes the same principles of the FloodFlash product and applies them for a truly under-served section of the market. To the thousands of businesses at risk of flooding that rely on their premises to provide goods, hospitality, healthcare and more, we can now say Flood BI is here to help.”
“We couldn’t be more excited to launch Flood BI. It takes the same principles of the FloodFlash product and applies them for a truly under-served section of the market. To the thousands of businesses at risk of flooding that rely on their premises to provide goods, hospitality, healthcare and more, we can now say Flood BI is here to help.”
Key product features:
- Flexibility: Flood BI offers clients the freedom to allocate their parametric claim payment without restrictions, covering all aspects of business interruption (BI) including non-damage BI and denial of access.
- Expedited Claims Processing: Following FloodFlash’s core principle of rapid-payment claims, policyholders receive the full value of their policy within weeks of flooding.
- Expert Support: FloodFlash offers comprehensive assistance throughout the claims process, from BI limit calculation to sensor placement and policy triggers.
- Coverage Limits: Coverage limits extend up to $5 million per location (with a reduced limit of $2 million in Florida), with potential for up to $10 million subject to underwriter approval. Multi-location submissions may qualify for a blanket limit of $10 million.
- Targeted Sectors: FloodFlash provides coverage across various sectors including hotels and hospitality, sport and leisure, retail, healthcare and assisted living, real estate, manufacturing, municipality, and education.
- Policy Trigger: Claims are activated based on pre-agreed depth measurements captured by FloodFlash sensor(s).
