The insurtech FloodFlash has rolled out U.S. business interruption (BI) coverage ahead of this year’s hurricane season.
According to the company, the new Flood BI coverage was created because many businesses and public entities are unable to get BI cover – the National Flood Insurance Program (NFIP) don’t include this type of policies and private carriers rarely offer standalone BI. FloodFlash said there were no limitations on how clients spend their parametric claim payment – Flood BI can cover all aspects of BI including non-damage BI and denial of access.
Coverage limits are up to $5 million per location – $2 million in Florida – and up to $10 million is available subject to underwriter approval. A blanket limit of $10 million is available for multi-location submissions
The new product is aimed at the hotels and hospitality, sport and leisure, retail, healthcare and assisted living, real estate, manufacturing, municipality and education sectors.
“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,” said FloodFlash U.S. Commercial Director Rich Coyle. “The BI options on the market are too few and offered too rarely. We couldn’t be more excited to launch Flood BI. It takes the same principles of the FloodFlash product and applies them for a truly under-served section of the market. To the thousands of businesses at risk of flooding that rely on their premises to provide goods, hospitality, healthcare and more, we can now say Flood BI is here to help.”
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