FloodFlash launches Dealer program to support those denied flood coverage

FloodFlash, a parametric flood insurer, has added a Dealer program, which is designed to support vehicle sales and rental businesses that have been denied flood coverage, as it looks to support more US businesses ahead of the 2024 Atlantic hurricane season.

One of the key product features is that the program is designed around dealerships, so it can be used for any flooding-related losses, including stock damage, relocation and business interruption.

Other features include the policy being enabled with a smart sensor installed on the lot or insured property, allowing the parametric measures behind the policy to correlate closely with actual losses. The sensor also sends claim data in the time it takes to send a SMS. The average claim payment happens a couple of weeks after the flood.

The FloodFlash Dealer Open Lot Program provides limit of $2 million per location, with up to $10 million available subject to underwriter approval. It also features a blanket limit of $10 million for multi-location submissions and can be used for motor dealers, independent or franchised across all mainland states. The policy trigger is pre-agreed depth measured by FloodFlash sensors.

Rich Coyle, US Commercial Director, FloodFlash, 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.”

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