How FloodFlash filled the excess for retail stores across the UK
Authored by FloodFlash
We take a look at how a furniture retail company used FloodFlash to cover the excess on several of their stores across the UK.
The flood insurance situation
According to our 2022 Commercial Risk Report, the retail industry represents almost a third of the UK commercial properties at risk of flooding. Even more concerning is that only 58% of the retail businesses we surveyed agree that they have comprehensive flood insurance.
For this client, their main insurer imposed a large excess on 12 of their stores, due to a high flood risk from surface water flooding.
The FloodFlash situation
The business wanted to find an additional policy to cover their excess in the event of a flood. Their broker knew FloodFlash could plug the gap.
With the help of the FloodFlash team and their broker, the client tailored the policy to suit their needs. For each store’s payout, they chose the excess amount. For each trigger depth, they considered the height at which water would enter each store.
Why FloodFlash?
There are several reasons clients choose FloodFlash for their excess infill policy:
1. Flexible policies:
Whilst this client opted for their excess amount as their payout, clients can choose their payouts and depths to suit their business, risk, and budget. They can retain some of the risk, or increase the excess on their primary policy and cover the difference with FloodFlash.
2. Independent claim
In the event of a flood, the client does not need to claim on their primary policy to get their FloodFlash payout. They can spend the payout how they like, whether that’s on their excess, or covering other costs.
3. Rapid payout
Our smart sensor means we begin the claim as soon as water reaches the client’s trigger depth. This is a lifeline for retail businesses as even short-term closure can lead to significant losses.
The result
FloodFlash provided an affordable solution to fill the client’s excess that improved their ability to deal with future flooding.
‘Rather than presenting a problem to my client, FloodFlash enabled me to deliver a comprehensive solution. The support throughout was exceptional for myself and the client.’
The client’s broker
For more case studies like this, you can download our case study document here. Have you helped a client cover their excess and improve their financial resilience using FloodFlash? Drop us an email at broker@floodflash.com and we’ll be happy to help.
Get weekly updates from Team FloodFlash by signing up to our newsletter. You can also follow us on LinkedIn for the latest news.
About FloodFlash
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood.
FloodFlash is parametric or `event-based` insurance. When buying the cover, the client chooses the depth of flooding they wish to insure against and how much they’d receive when that flood happens. When the FloodFlash sensor installed at the property detects flood water at the selected depth, the claim is paid in full. No waiting. No haggling.
FloodFlash rapid-payouts were put to the test in February 2020 when Storm Ciara swept across the UK. Claims related to the storm were paid in full within a single day. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date gaining acclaim at industry awards and recognition from The Times, The Telegraph and the BBC.
FloodFlash operates across Britain, is headquartered in London. Floodflash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.