FloodFlash insurance which gives businesses and commercial property owners – at risk from floods – access to affordable flood insurance
What is FloodFlash insurance and how does it work?
FloodFlash offers a new kind of ‘event-based’ insurance for customers at risk of flooding. The settlement depends only the occurrence of a flood in excess of a certain pre-agreed depth.
Payment is triggered by a water level sensor, which is installed at a customer’s property before cover can start. If that sensor indicates that the water depth during a flood has exceeded the trigger depth, then the data is validated and whole compensation amount (previously agreed) is sent out to the customer as quickly as possible.
FloodFlash policies cover all naturally occurring floods, including floods caused by heavy rainfall or melting snow, rivers bursting their banks, groundwater and storm surge along coastlines. It even covers flooding caused by dams or canals overflowing or being breached.
Is FloodFlash for homeowners, businesses or both?
FloodFlash policies are for businesses. In the UK, there is a scheme which protects homeowners in high-risk zones from high premiums, but nothing similar exists to help the businesses in the same areas. That’s where this policy comes in.
All FloodFlash policyholders must fall under the FCA definition of a ‘commercial customer’; details of which can be found on their website
It is important to be aware that FloodFlash does not cover flooding due to burst pipes (sometimes called escape of water) or water mains. It is likely that this is covered under existing insurance, although we recommend you check this. Flooding is not covered which is caused by human action or omission, for example diverting flood water.
So if you are a business and live in a flood risk area, why not contact our specialist insurance team TODAY to find out more on 01228 406290