PARAMETRIC FLOOD INSURANCE
Simple claims, Rapid payments
We now offer rapid-payout parametric flood insurance through our partner, FloodFlash. Using advanced data modeling and connected technology, we make fast, flexible flood coverage accessible to businesses of all sizes.
From Rising Waters to Rapid Recovery
Parametric insurance provides simple, affordable, & rapid-payout coverage to the businesses that need it most. A smart sensor measures flood depth at the insured property. When water reaches a pre-selected trigger depth, we begin the claims process.
One key benefit is the speed of payouts. We’ll send a loss declaration requesting details of financial losses sustained within 28 days of the flood event. This allows us to make an initial payment so businesses can begin recovery as soon as possible.
Businesses can submit updated loss declarations for up to six months after the flood event, allowing us to continue payments up to the maximum payout available for that trigger.
Simple Quotes
Get a price indication using three pieces of information with no flood zone requirements.
Flexible Policies
Cover any business type from condos to dealerships. Plus, coverage can be used for deductibles, business interruptions, excess limit increases, and costs not covered under NFIP.
Affordable Premiums
Counter price increases for complex and specialist flood risks like storm surge and surface water flooding.
Three Steps To Success
1. DETERMINE SENSOR LOCATION
As long as it follows our PLACE rules, sensor location is up to you and your clients. The FloodFlash team can provide guidance and materials to help.
2. DECIDE YOUR PARAMETRIC TRIGGERS
Select the trigger depth(s) and associated payout(s). Consider when losses might incur and associated costs alongside existing coverage and budget constraints.
3. FORMALISE TERMS
Once happy with the sensor placement and trigger setup, simply confirm the details for the policy and we’ll start the bind process.
Smart Sensor Technology
The smart sensor is built for flood insurance, providing precise, near-real-time flood depth measurements. Storm-proof, fraud-resistant, and designed for long-term use, the sensor uses mobile connectivity to monitor conditions at the insured property. Its low-cost design also allows sensors to be installed at virtually any location.
