Guide to FloodFlash rapid-payment claims
FloodFlash is designed to protect residential properties, businesses and municipalities from any naturally occurring flood, including storm surge, snow melt and Severe Convective Storms. Find out how a typical rapid-payment claim works below.
Simple claims, rapid payments
One of the main benefits of parametric insurance is the simplicity and speed with which claims are paid. When flood water reaches a trigger depth at the sensor (or sensors), we begin the claims process. We send a declaration of loss form, which informs an initial payment so that clients can get started with their recovery as soon as possible.
Clients can continue to submit further declaration of loss forms up to six months after the flood event. We will continue to pay up to the full payout per trigger.
Rapid-payment claims in action
FloodFlash have monitored over 4,000 sensor flood events and paid claims across 7 major storms. Here’s how a typical claim pays out across an expected payment time of weeks from the day of flooding.
Stage 1:
The flood begins
Stage 2:
Water reaches the client's trigger depth
Stage 3:
The FloodFlash team opens the claim
Stage 4:
FloodFlash sends an initial payment based on your loss declaration
Stage 5:
Recovery begins
Stage 6:
Clients can provide further loss declarations to inform final payments
FAQ: What costs can I include on the declaration of loss?
FloodFlash claims can be used for any costs associated with flooding. Building and inventory costs, external damage and vehicles, non-tangible costs including loss of use, business interruption, rebuild compliance, contract breaches or reputation damage can all be included within the proof of loss. It’s entirely up to the business.
Find out more
We’ve only scratched the surface of what makes FloodFlash parametric claims great. They have the power to reduce uncertainty, lower claim values and reward risk managers that have invested in flood resilience. To find out how your property, business or municipality might benefit, contact our expert team.