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Insurance in a Flash for Flood Disasters

1st March 2019

At Borderway UK Dairy Expo, Carlisle, on Saturday 9th March, H&H Insurance Brokers are launching FloodFlash, a new policy that will give businesses and commercial property owners, which are at risk from all forms of natural flooding, access to affordable flood insurance. 

For many businesses, acquiring flood insurance can be difficult and often is only secured with high premiums and a large excess attached. Although there is a scheme which protects homeowners in high-risk zones from high premiums, nothing similar exists to help commercial and business sectors in these same areas.

The FloodFlash policy offers a new ‘event-based’ insurance for customers at risk of flooding, and the settlement depends only on the occurrence of a flood in excess of a certain pre-agreed depth.

Giving further background, Nina Oxley, Marketing Manager for H&H Insurance Brokers, said:

“We are extremely excited to launch this new policy, as we know that it will benefit many of our local customers. This policy provides customers with a simple way of receiving compensation if their premises were to flood, and further improves the extensive services we already provide to clients.”

To ensure that the policy is relevant to and workable for the business, the client will select an appropriate flood depth and settlement amount, and once chosen, they will be given a specifically tailored quote. Prior to the commencement of the cover, a water level sensor will be installed at the customer’s property.

Most flooding policies that are available today are based on the cost of damages to the business that is caused by a flood, which often means it takes months for a claim to be settled and payment made. However, with FloodFlash, when water exceeds the set trigger depth on the sensor, payment is made as quickly as possible thereafter.

FloodFlash policies cover all naturally occurring floods, including:

  • Floods caused by heavy rainfall or melting snow.
  • Rivers bursting their banks.
  • Groundwater
  • Storm surge along coastlines.
  • Flooding caused by dams or canals overflowing or being breached.
  • Flash Floods

Nina added: “It is important to remember that FloodFlash does not cover flooding due to burst pipes, water mains or human action, as this is usually covered within your existing insurance, but we recommend you check this. All FloodFlash policyholders must also fall under the FCA definition of a ‘commercial customer’; details of which can be found on their website.

“As a company, we are always keen to be at the forefront of our industry and with the launch of this new policy, this allows us to do so. Floods caused by nature can be a devastating and extremely stressful time for businesses, but with the launch of FloodFlash, we are hopeful this will provide reassurance and support in times of need.

“If you are a business and operate in a flood risk area, please contact our specialist insurance team as soon as possible and let us protect your business.”  To find out more about FloodFlash, contact H&H Insurance Brokers on 01228 406290 or email us for more information.  We will have information and an actual sensor on our stand during UK Dairy Expo so please pop by our stand if you are at the show.