FloodFlash, a leading provider of parametric flood insurance solutions, has recently launched its Dealer Open Lot program in response to the urgent need to support US businesses, particularly auto dealers, facing the looming threat of severe flooding during the upcoming hurricane season.
The firm specialises in providing innovative parametric flood insurance solutions tailored to meet the unique needs of businesses vulnerable to flood-related risks. With a focus on leveraging cutting-edge technology, FloodFlash aims to revolutionise the insurance industry by offering rapid, transparent, and effective coverage options.
The FloodFlash Dealer Open Lot program introduces a groundbreaking sensor-enabled parametric flood insurance solution specifically designed to address the challenges faced by auto dealerships.
This pioneering program offers comprehensive coverage for various flood-related losses, including stock damage, relocation expenses, and business interruption costs.
Tailored for dealerships, the program provides coverage for all losses associated with flooding, offering financial protection against various risks faced by auto dealers.
Each policy is equipped with a smart sensor that accurately measures flood-related parameters, ensuring that claim payouts are closely aligned with actual losses.
Claim data is transmitted instantaneously via the sensor, enabling expedited claims processing and ensuring that policyholders receive prompt reimbursement for their losses.
FloodFlash US Commercial Director, Rich Coyle, emphasised the critical role of the new program in addressing the insurance gap faced by auto dealerships, stating, “Certain sectors are underserved by existing flood carriers time and again. One of the greatest examples of this is auto dealerships. Many insurers baulk at the potential loss of car or motor-home stock that even low level flooding can cause.
“Our new program is designed to support dealerships that have previously struggled to secure limits that would truly protect their businesses from flooding. It also rewards those businesses that are taking steps to mitigate their flood losses by aligning risk management practices with lower premiums.”
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