FloodFlash prepares for 2024 hurricane season with latest business intelligence solution

Amidst the upcoming 2024 Atlantic hurricane season, FloodFlash, a renowned insurtech specializing in sensor-enabled parametric flood insurance, has unveiled a new product tailored to provide business interruption (BI) coverage in the United States. With experts predicting a hyperactive hurricane season leading to substantial property damage and potential BI losses that could significantly impact businesses and communities, FloodFlash's new offering, known as Flood BI, aims to bridge a notable coverage gap. Many businesses and public entities currently struggle to secure BI coverage due to its absence in National Flood Insurance Program (NFIP) policies and limited availability from private carriers.

The Flood BI product incorporates flexible parametric claim payments, enabling businesses to address various BI aspects such as non-damage BI and denial of access. Its swift payment claims align with FloodFlash's primary offerings, ensuring claimants receive their policy's full value within weeks of a flooding incident. Policyholders can anticipate coverage limits up to $5 million per location, with a potential increase to $10 million pending underwriter approval.

For policies covering multiple locations, there is a blanket limit of $10 million. Eligible sectors for Flood BI coverage span from hotels and hospitality to healthcare, manufacturing, municipalities, and education, among others. The policy is activated by a predetermined water depth monitored by FloodFlash's proprietary sensors.

Rich Coyle, FloodFlash US commercial director, stressed the necessity for this type of coverage, noting the significant losses businesses face annually due to flooding, with a large portion left uninsured, particularly in the realm of BI. In a drive to cater to a wide range of flood-vulnerable organizations throughout the US, not limited to the Gulf and Eastern seaboard regions, FloodFlash seeks to extend its support with the launch of Flood BI. Coyle expressed enthusiasm for the new product, emphasizing its role in assisting businesses reliant on their premises for various services and operations.

"We are thrilled to introduce Flood BI, extending the same principles of the FloodFlash product to serve an underserved market segment. To the multitude of businesses at risk of flooding that depend on their spaces to deliver goods, services, and more, Flood BI stands ready to provide assistance," Coyle conveyed. Share your thoughts on this development below and join the conversation.