FloodFlash Launches New Dealer Program for Widely Neglected Sector
NEW YORK , May 09 /Businesswire/ - FloodFlash has added a Dealer program in their efforts to support more US businesses ahead of a hurricane season that is widely anticipated to be amongst the worst in recent memory. Stored on large, flat areas of often impermeable land, many auto dealer inventories are exposed to flooding. Cars can float in just 12 inches of water and two feet of water will drag away most smaller vehicles. Unavoidable flood damage can lead to vehicle write off and huge disruption to dealers around the country.
The FloodFlash Dealer Open Lot program is designed to support risk managers with the first sensor-enabled parametric flood insurance. It’s the perfect program for dealers who can’t secure flood coverage elsewhere, that are situated in higher risk areas or who have flooded before.
Key product features:
- Designed around dealerships: this new program can be used for any losses associated with flooding including stock damage, relocation and business interruption.
- Parametric without the basis risk: each policy comes with a smart sensor installed on the lot or insured property. This means parametric measures behind the policy correlated closely with actual losses.
- Rapid-payment claims: the sensor sends claim data in the time it takes to send a SMS. Average claim payment happens a couple of weeks after the flood.
FloodFlash US Commercial Director Rich Coyle said: “Certain sectors are underserved by existing flood carriers time and again. One of the greatest examples of this is auto dealerships. Many insurers baulk at the potential loss of car or motor-home stock that even low level flooding can cause.
“Our new program is designed to support dealerships that have previously struggled to secure limits that would truly protect their businesses from flooding. It also rewards those businesses that are taking steps to mitigate their flood losses by aligning risk management practices with lower premiums.”
Product at a glance:
- Product name: FloodFlash - DOL Program
- Limits: up to $2m per location. Up to $10m available subject to underwriter approval
- Blanket limit up to $10m for multi-location submissions
- Client appetite: Auto, truck, RV and any vehicle dealers. Independent or franchised. All mainland states
- Policy trigger: pre-agreed depth measured by FloodFlash sensor(s)
About FloodFlash
FloodFlash is a multi-award-winning insurance technology company at the forefront of the parametric insurance movement. Launched in 2019, their rapid-payout flood product provides coverage to businesses and public bodies that struggle to secure flood terms anywhere else. They use the latest in data modelling and IoT technology to provide fast and flexible cover that pays claims in record times. FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.
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