This blog series showcases FloodFlash in action. This week we’re talking about charity flood insurance. It explores how brokers and clients are using our smart-sensor technology and rapid-payout cover to make UK businesses more resilient. If you have a case that you want to feature, email email@example.com
Mudiad Meithrin (The Association of Welsh Nursery Schools) is an education management company and charity based in Aberystwyth, Ceredigion. Their vision is that every child in Wales deserves the opportunity to play, learn and grow through the Welsh language.
With a passion for giving the Welsh language to children, Mudiad Meithrin focusses on the proven benefits of being bilingual. Support officers work locally within their communities to offer guidance and practical advice to staff, volunteers and parents. Recognised as the main provider of Welsh-medium early years care and education, they use property across Wales to make sure the Welsh language is alive and relevant to the generations of tomorrow.
Operating across many properties across Wales can bring complications from an insurance perspective. That’s why each region has a distinct flood profile, with some at more risk than others.
When it came to their insurance, the most competitive insurer excluded flood cover at their most at-risk properties. After closer inspection, the insurer gave standard flood cover to 2 of the 8 at-risk properties, with 4 having an increased Flood excess, and 2 without any protection from flooding.
Fortunately for Mudiad Meithrin, expert brokers in Aberystwyth were up to the challenge. Nigel of Rees Astley Insurance Brokers, a member of WTW Networks, had been trained FloodFlash, a new form of rapid-payout insurance that provides quotes regardless of the flood risk or previous claims.
After discussing budgets with the client, Nigel knew he needed to place the flood cover for a maximum of £3,000. Having discussed what they were looking to protect, the client decided that they would need a £10,000 payout for clear up if any of the 6 locations flooded.
The total FloodFlash premium across all six sites came in at almost half the budgeted price. A premium of £1,700 for all six properties was quickly agreed, ensuring the properties have protection from flooding once more.
Mudiad Meithrin’s insurance premiums had been steadily increasing under the threat of flooding. With a little help from FloodFlash, Nigel was able to win the client’s business by placing cover with a more competitive insurer whilst ensuring that increased Flood excesses and exclusions were not an issue.
If any of the properties floods to a depth of 20cm or higher, the smart sensors installed at the properties will alert to FloodFlash HQ to begin the claim. After that, they would then receive a cash within a few days. That speed of payment means quicker recovery and less interruption to the vital education that the charity provides.
To find out how our record-breaking parametric flood insurance could help your charity or commercial clients visit our homepage.
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