FloodFlash, a parametric flood insurer, is introducing Flood BI, a new product designed to support business interruption (BI) coverage in the United States.
Key features of Flood BI include unrestricted spending of claim payments, rapid payment within weeks of flooding, expert support throughout the process, limits of up to $5 million per location with potential for up to $10 million upon underwriter approval, and a blanket limit of $10 million for multi-location submissions.
FloodFlash’s coverage extends across various sectors such as hotels, hospitality, sports and leisure, retail, healthcare, real estate, manufacturing, municipalities, and education. Additionally, it operates with a policy trigger based on pre-agreed depth measured by FloodFlash sensor(s).
This product launch comes ahead of the 2024 Atlantic hurricane season, which is expected to bring significant property damage and BI losses.
Flood BI aims to provide support to organisations at risk of flooding not only in the Gulf and Eastern seaboard regions but throughout the entire US.
This launch holds significant importance as many businesses and public entities struggle to obtain BI coverage, as it is not included in National Flood Insurance Program (NFIP) policies, and standalone BI coverage is rarely offered by private carriers.
Rich Coyle, US Commercial Director at FloodFlash, states, “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.”
Coyle adds, “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.”
