Ahead of the 2024 Atlantic hurricane season, FloodFlash, which offers sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage.
U.S. Commercial Director Rich Coyle said his firm created Flood BI because many businesses and public entities are unable to get BI coverage. It isn’t included under National Flood Insurance Program (NFIP) policies and private carriers rarely offer standalone BI.
“Flooding causes billions of dollars in losses across the U.S. every year yet only 20 percent 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,” Coyle said.
The policy’s coverage is triggered when flooding reaches a pre-agreed upon depth as measured by FloodFlash sensors.
The sectors currently being targeted across the U.S. include hotels and hospitality, sport and leisure, retail, healthcare and assisted living, real estate, manufacturing, municipality, and education.
According to the announcement, other key features of the Flood BI product include:
Launched in 2019, FloodFlash serves businesses and public entities that struggle to secure flood terms anywhere else. The firm uses data modeling and sensor technology to quickly pay claims. FloodFlash is a registered coverholder at Lloyd’s of London