FloodFlash, a pioneering InsurTech firm, is launching a product to support business interruption (BI) coverage in the United States, ahead of the 2024 Atlantic hurricane season.
Recognising the inadequacies of existing BI options, FloodFlash aims to provide a solution that safeguards businesses against devastating losses caused by flooding-induced interruptions.
Key features of Flood BI include no limitations on claim payment usage, rapid-payment claims, expert support, and flexible policy limits. With coverage extending to sectors such as hotels, retail, healthcare, manufacturing, and education, Flood BI aims to cater to a wide range of businesses vulnerable to flooding risks.
With the impending 2024 Atlantic hurricane season forecasted to be hyperactive, the need for comprehensive BI protection has never been more urgent.
The firm’s commitment to addressing the under-served section of the market is evident in the launch of Flood BI. With billions of dollars in losses attributed to flooding each year in the US, FloodFlash seeks to empower businesses with the tools they need to mitigate risks and thrive in the face of natural disasters.
FloodFlash specialises in offering sensor-enabled parametric flood insurance, revolutionising the way businesses mitigate flood-related risks.
Their rapid-payout flood product utilises advanced data modelling and IoT technology to provide fast and flexible coverage.
As a registered coverholder at Lloyd’s of London and regulated by the Financial Conduct Authority, FloodFlash ensures reliability and transparency in its insurance offerings.
FloodFlash US Commercial Director Rich Coyle said, “Flooding causes billions of dollars in losses across the US every year yet only 20% of those losses are covered by insurance – and a massive part of that uninsured loss comes from business interruption. The BI options on the market are too few and offered too rarely.
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