How do I purchase a FloodFlash policy?
FloodFlash policies are sold via insurance agents. Ask your agent about FloodFlash, visit
our homepage, or get in touch with us and we can refer you to a FloodFlash supplier.
What payout amount should I pick?
You should pick a payout amount that makes sense for your business or property. It can be useful to discuss this with an insurance agent or surveyor. Here are some things that you might consider:
- the cost of any previous floods at the property
- how much it might cost to make repairs to your property in the event of a flood.
- the cost of replacing or repairing damaged inventory, machinery, contents, etc
- the cost of business interruption in terms of lost revenue, wages, litigation or reputational damage
- the value of any deductibles you may have on other policies – FloodFlash can fill the gap in coverage
- the terms and limits of any existing flood insurance you might have - you may want to use FloodFlash to
increase your limits
- your budget – picking a lower payout value can make the policy more affordable
The payout from a FloodFlash policy can be spent on whatever you need, so make sure to consider any direct or indirect costs that may be specific to your business or property.
What trigger depth should I pick?
Like the payout amount, you should select a depth that makes sense for your business. You might want to consider the height of any damageable items, such as flooring, electrical sockets, machinery, vehicles and inventory. Also consider the level of any flood protection measures like barriers and gates.
We will always charge a lower premium for policies with a higher trigger depth, so it could pay to think about what level of water will start to cause damage and/or financial cost to your business and ways to become more resilient.
Remember that we measure flood depth from ground level outside your property.
Why is there a 14-day waiting period?
The 14-day waiting period begins when you take out a new policy. During this time we are not liable to pay any claims that arise. This is to make sure policies cannot be taken out in reaction to significant flood warnings. We also use this period to install the sensor. The waiting period doesn't apply for renewal policies.
Are all types of flood covered?
FloodFlash covers all naturally occurring floods, including floods caused by heavy rainfall or melting snow, sewers bursting due to rainfall, rivers bursting their banks, groundwater and storm surge along coastlines. It also covers flooding caused by dams or canals overflowing or being breached.
FloodFlash doesn’t cover flooding due to burst pipes or similar sewerage issues. It is likely that this is covered under your existing insurance, though we recommend you check with your insurance provider.
The premium I've been quoted is high, what can I do about it?
In your quote document, you can compare premiums across different depths and payout amounts to find a level that suits your budget. You may want to consider reducing your payout or increasing your trigger depths – both of which will reduce your premium. Investing in measures to increase your flood resilience, such as a flood management plan or flood defences, can help efforts to raise the trigger level. Talk to your agent for more information.
Can I cancel my policy?
There is also a 14-day waiting period at the beginning of your policy, during which you can decide not to go ahead with the cover. Otherwise, a FloodFlash policy can be cancelled any time - however you will only receive a pro-rated refund in certain circumstances, for example if you have changed address or no longer have an insurable interest in the cost of flooding. In all other circumstances the premium is non-refundable.
How often do I need to renew my policy?
All FloodFlash policies are annual and need to be renewed each year to ensure continuous coverage. We make sure to provide appropriate reminders in the lead up to your renewal date, either directly or through your insurance agent
How do you calculate my premium?
We use state-of-the-art flood risk modelling, and high-resolution geospatial data to calculate the risk of flooding at your property. The risk calculation influences your premium, meaning that the cost of your FloodFlash policy will always reflect the likelihood of the property flooding.
Can I change my depth/payout after I’ve bought my policy?
If you would like additional cover, or another trigger depth, you can add another policy at your property. Otherwise you can update your depth/payout at renewal.
How does a FloodFlash policy affect my existing insurance?
Your FloodFlash policy is complementary to any existing insurance and should have no impact on any policies you currently hold. We do recommend, however, that you check this with your agent or existing insurance provider before taking out a FloodFlash policy.
Is there a limit to how much my payout can be?
There are no upper limits to a FloodFlash policy. Clients with large or complex risks are recommended to contact FloodFlash via their agent for more information on how we can help businesses that require higher limits.
What if my business moves premises?
Unfortunately, moving to a new location would require you to buy a new FloodFlash policy. Each policy and its premium are tailored to your specific location, so are not transferable.
Who underwrites my policy?
FloodFlash is a Lloyd’s coverholder, with underwriting capacity provided by Munich Re Syndicate 457 and Hiscox Syndicate 33. When a policy limit of greater than $10m is required, capacity may be sourced from a panel of non-Lloyd’s insurance carriers, all of whom are rated “A” (Excellent) or better by A.M. Best.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
