FloodFlash offers rapid-payout insurance to businesses at risk of flooding
24

FloodFlash offers rapid-payout insurance to businesses at risk of flooding

According to one study on climate change, the risk of floods in England and Wales has increased by 20%, and possibly by as much as 90%. More worrying still, future flood events may be just as severe as those seen in the autumn of 2000, the wettest autumn on record.*
 
Inevitably, more frequent and severe flooding will result in more damage and more costly repairs. In February 2020, 82,000 people claimed for flood or wind damage due to storms Dennis and Ciara, according to the Association of British Insurers (ABI). The total cost of repairing homes and businesses is expected to top £360 million. It's not surprising then that businesses and landlords are faced with expensive premiums - if they can get flood cover at all.
 
Fortunately, through an innovative combination of technology and simplicity, we now have access to FloodFlash, an insurTech solution that offers rapid-payout insurance to at-risk businesses.
 

How it works: 

  • You select the depth of water that would pose a risk – that is the trigger depth. 
  • You then select the settlement payment you expect to get if floodwater reaches that depth.
  • An electronic sensor is installed on the outside of your property to monitor water levels.  
  • If the water level reaches the selected trigger depth, the sensor transmits a message and the payment is sent to your bank account – no delays, no paperwork.
 
In 2020, the fastest settlement of a claim took just nine hours and 44 minutes from the time the property was flooded during Storm Christoph to the point the client received their full settlement from FloodFlash.
 
Significantly, there are no conditions attached to a FloodFlash payout. It can be used for any purpose. For example, it could be used to cover business interruption losses and replace damaged stock or pay for clean-up and repair costs. The premium can also be tweaked by adjusting the trigger depths – five in total – and the settlement amount, ensuring a payment is made even if the flood level rises.
 
Moreover, this innovative solution can be used together with an existing insurance policy. Conceivably, it could even help with a large excess where cover is permitted or provide cover where the traditional insurance market will not. 
 
If you would like to find out more or discuss the options further, please contact Stuart Reynolds ([email protected]), or visit the FloodFlash website:
 
 
*Pall et al. 2011. Anthropogenic greenhouse gas contribution to flood risk in England and Wales in autumn 2000. Nature 470, 382–385.

Pi-Property are proud to sponsor ‘Current Property Issues 2021’, a live virtual conference from Professional Confer… https://t.co/kllPZPUSjV

When you buy insurance, do you simply compare insurance premium costs, rather than the true cost of risk? This app… https://t.co/eXwxa15QLb

RT @TheClearGroup Very pleased to announce our Head of Sales & Digital Marketing @aj_mistry has been appointed to the Society of #Insuranc…