FloodFlash+ is the latest service to make sure that all British businesses have access to rapid-payout parametric cover. Here’s FloodFlash co-founder Adam Rimmer with more. If you’d prefer to read about FloodFlash+, just scroll down to the article below.

New parametric product perfect for complex corporate cover

Today FloodFlash announced the newest version of their award-winning commercial flood insurance, FloodFlash+. FloodFlash began protecting UK businesses in areas at high risk of flooding having issued over £20m in cover since their full launch last year. This new offering is poised to build on that success and make rapid-payout cover available to larger businesses with more complex risk profiles.

What is FloodFlash+?

FloodFlash+ builds on the same principles as the core service. If you need a quick primer on the standard product visit the homepage and watch the quick intro video. FloodFlash+ brings all the great benefits of a standard policy but with added flexibility. Here’s a rundown of the features:

• Increased capacity: standard policies can cover up to £5m. FloodFlash+ quotes come with no limits
• Multiple sensors: many larger properties face flooding from different sources (eg. river flooding and surface water). Clients can use multiple sensors for a single site to ensure they are protected from all angles
• Portfolio cover: policies can cover multiple sites across the country, combining all your flood risk under a single policy
• Additional data validation: incorporate third party data from sources like local river gauges to provide further validation at claim
• Consultancy support: a member of the client success team will support you through every stage of the process.

Why launch now?

Floods in February and the summer provided a stark reminder of how important access to commercial flood cover is. Many larger clients found that the SME product wasn’t right for their risk. FloodFlash+ is a direct response to those requests.

This new iteration of rapid-payout insurance results from the hard work from the team and our underwriting partners. For British businesses that don’t have access to Flood Re the risk of double-losses after COVID-19 business interruption is only too real. By broadening the appeal of rapid-payout cover we stand to protect more businesses in a time when they need it most.

Who is this new product for?

Much like the standard product, FloodFlash+ is available to all commercial property. It doesn’t matter what sector your business is in, whether you’re an owner landlord or tenant, or your claims history. Compared to the standard cover, the distinguishing factors are often in the scale of the product. The table below shows the main differences between the two forms of cover.

How does FloodFlash+ compare to other parametric insurance?

Unlike other parametric insurers that only use third party data, FloodFlash uses sensors installed at client buildings and assets. That means that the flood depths measured correlate as closely as possible to potential losses – removing substantial basis risk.

How to get started

Every policy is different. The best way to start is with a conversation. All you have to do is contact us via your broker or email enquiries@floodflash.co. We look forward to hearing from you.