Footman James are proud to announce our partnership with FloodFlash to provide their rapid-payout flood insurance product which will help lower commercial exposure across the country. According to figures from FloodFlash, 52% of small businesses on floodplains don’t have cover and the average insurance payout for UK flooding in 2015 was £75K.
To celebrate the partnership and the launch of their Flood February campaign, we spoke to FloodFlash founders Ian and Adam to find out more about their new form of flood cover.
FJ: Why did you start FloodFlash?
Adam: Every year millions of people and businesses around the UK are affected by floods. We saw the impact that this has, particularly those that don’t have the ability to recover from flooding. We created FloodFlash to give more people access to affordable cover.
FJ: How does FloodFlash work?
Ian: We use something a little different called parametric insurance. It may sound complex but its just cover that pays a pre-agreed sum of money if a certain event happens. In our case the parameter (hence parametric) is a flood reaching a specific depth – but it can be used for almost anything.
Adam: We install a mobile-connected sensor to the insured property to measure the flood depth. When the sensor goes off because of a flood we know to send a payout. The idea is to remove a lot of the uncertainty and costs of traditional insurance and speed up the claims process.
FJ: Who is FloodFlash for?
Adam: Right now, we cover any commercial property. FloodRe, the national scheme for providing affordable flood insurance to homeowners excludes businesses. So that’s the part of the market that we can help the most.
Ian: It’s worth mentioning that we quote for any business, even if they’ve flooded before or their main insurer has withdrawn flood.
FJ: If you had to say one reason for someone to consider FloodFlash, what would it be?
Adam: We aim to pay the full claim within a few days of a flood happening. If you can start your recovery quicker it means that you can avoid loads of costs, like long term business interruption or things like mould setting in.
FJ: How would someone find out more?
Ian: Just contact Footman James – they are well placed to set you up with a quote.
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