FloodFlash in action: property management specialists secure flood insurance after last-minute cover removal

This blog series showcases FloodFlash in action. It explores how brokers and clients are using our smart-sensor technology and rapid-payout cover to make businesses across the UK more resilient. This week we cover a great case of using FloodFlash for property management flood cover. If you have a case that you want to feature, email chris@floodflash.co

The property management company background

Unicon Properties are a specialist Real Estate and Property Management business. The business has over 40 years of experience managing property in the North-West of England, particularly in Lancashire and the Greater Manchester area.

Manchester and Lancashire are no stranger to flooding. The region also plays host to a thriving property market.

The issue with their property management flood insurance

Managing insurance for multiple properties across various sites is no mean feat. Unfortunately, the timing of underwriting decisions can complicate things further. This is what happened to Unicon Properties and their broker partners at Ives & Taylor earlier this year.

Account Executive Mark Dacre was in the process of finalising cover details – a task he’d completed every year for a decade. 2021 was different though. Just before the renewal was due the properties were re-classified as existing in a RED ZONE, seemingly overnight. This meant that no traditional insurer was willing to offer flood cover.

What caused the sudden change? It could have been previous flooding that one of the units has experienced in 2012. In reality it is likely to be changes to underwriting models or flood maps. Whatever the reason, Unicon Properties needed cover for clear-up and other catastrophic flood costs. Mark knew if he was to stand a chance maintain their financial resilience in the face of flooding he would need to look elsewhere.

The FloodFlash solution for property management flood cover

Having recently joined the Partners& network, Ives & Taylor now have access to FloodFlash. They submitted quotes for the properties now denied by traditional providers. After consultation calls with FloodFlash broker success manager Ben Lang, Mark narrowed in on various configuration options for Unicon to consider.

It’s a breath of fresh air for this type of cover, especially where other insurers aren’t helping out

Mark Dacre, Ives and taylor

Owning multiple properties across industrial estates meant that there were different options available to the client. After a site visit they decided on using four policies, each with its own sensor to protect their interests. In under a month, Mark took his clients from no options for flood, to a rapid-payout policy in place to protect their most at-risk assets.

The future for their risk

We’re proud to use FloodFlash to maintain value for client properties. This new type of cover can be game-changing when it comes to property management flood insurance. Helping brokers like Mark that have been left wanting by traditional insurance is an added bonus. If any of the properties experiences a flood that reaches their selected trigger depth, they can rest in the knowledge that a rapid-payout claim will soon be on its way – most of the time within 48 hours of the flood.

To find out more about more about our award-winning parametric flood insurance visit our homepage.