Descartes launches parametric flood cover for commercial properties

Descartes Underwriting SAS on Wednesday announced flood-at-location parametric flood coverage for U.S. businesses.

The product covers economic losses resulting from fluvial, pluvial and coastal flooding, including property damage, business interruption and extra expenses. Limits of up to $70 million per policy are available.

Claims are assessed based on flood depth measurements measured by on-site sensors and the tailored payout structure of a policy. No physical damage is required to trigger a payout.

Coverage is offered for one or more locations with flexible durations to match project lengths or business preferences, including multiple years. Any type of business and industry class can be covered.

Policies are available in the surplus lines market in all 50 states.