Deductibles in Dallas

Our US team gathered together in Dallas this week for our quarterly sales conference. To celebrate, we wanted to share a case study from right here in the Lone Star State. It’s a great example of how we can help industrial businesses and cover flood or named storm deductibles.

The business

Based in Coastal Texas, the business is a large industrial facility serving oil refinery customers. The facility consists of a number of plant production, support, warehousing and administrative buildings, as well as contaminated water treatment ponds across different elevations. 

Flash flooding is the primary natural disaster threat to Central Texas, and the state is significantly affected by hurricanes, second only to Florida.

The flood insurance situation

Like thousands of businesses across Texas, the facility suffered extensive flooding following Hurricane Harvey in August 2017. Since then, they have been unable to secure affordable coverage for named storm events.

The FloodFlash solution

The businesses insurance brokers worked to restructure the property program. They increased the deductible associated with the named storm coverage, reducing the premium significantly. The brokers then covered the deductible using a FloodFlash policy. This allowed a significant saving on premium while still maintaining the same level of protection.

Why FloodFlash for deductible coverage?

Thanks to their new FloodFlash sensor, the business is now more resilient than ever before. The FloodFlash policy covers immediate losses with a rapid payment. It is up to the client how the payment is used, and it is not contingent on a claim on the main policy, meaning there are no delays when the business needs the money most. It can even be used for business interruption costs not included on the main policy.

In the words of the expert producer who oversaw the case: “FloodFlash rapid-payout insurance dovetails extremely well with the traditional policy. It gives the client the best of both worlds. This is a game changing product for the US private flood market and the quote process was quick and easy.”

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