Commercial property owners will be well aware of the impact a flood event can have on their business. Now, however, a new solution is aiming to help them fight back against those rising tides.
European Property Underwriting Limited (EPUL) is teaming up with event-based flood insurance provider FloodFlash to offer a new solution for property investors that focuses on rapid pay outs and recovery solutions.
The deal will see brokers provided with a quote from FloodFlash alongside renewal and new business quotes from the EPUL solutions and Omnibus specialty property investor policies where flood cover is excluded or an enhanced excess is imposed. Cover is then provided based on the property investor’s flood trigger depths, or the level of pay out needed. A mobile sensor will be installed into the building covered and as soon as that trigger depth has been reached, a payment will be made.
According to Andrew Whittaker, managing director of EPUL, the FloodFlash deal will help enable property investors to enjoy specific cover where it would otherwise be cost prohibitive.
“Providing FloodFlash’s parametric flood cover enables property investors to access even broader levels of protection for their assets and the ability to control their costs and period of recovery following flooding,” he said.
“EPUL is recognised by brokers for our ability to provide their property investor clients with comprehensive tailored coverage to meet their specific needs. Our partnership with FloodFlash is another example of our commitment to supporting brokers in securing the most suitable enhanced coverages for these clients.”
Meanwhile, FloodFlash commercial director Brent Jackson stated that it can often “take months” before a claim is paid – but this parametric option would give investors access to immediate cash payments.
