Introducing sensor-based flood insurance for US auto dealers by FloodFlash.

May 21, 2024
1 min read




Key Elements of FloodFlash Article

TLDR:

  • FloodFlash launches Dealer Open Lot program in response to flood risks for US auto dealers
  • The program offers sensor-enabled parametric flood insurance for comprehensive coverage

FloodFlash, a leading provider of parametric flood insurance solutions, has recently launched its Dealer Open Lot program to support US businesses, particularly auto dealers, facing severe flooding during the upcoming hurricane season. The program introduces a groundbreaking sensor-enabled parametric flood insurance solution tailored for auto dealerships. Each policy is equipped with a smart sensor that measures flood-related parameters for accurate claim payouts. Rich Coyle, FloodFlash US Commercial Director, highlighted the program’s critical role in bridging the insurance gap for auto dealerships and rewarding businesses that mitigate flood risks.

With a focus on leveraging technology, FloodFlash aims to revolutionize the insurance industry by offering rapid, transparent, and effective coverage options. The Dealer Open Lot program provides financial protection against various flood-related losses, including stock damage, relocation expenses, and business interruption costs. Claim data is transmitted instantly via sensors for expedited claims processing and prompt reimbursement for policyholders.

The program addresses challenges faced by auto dealerships and aims to fill the gap in securing comprehensive coverage for businesses vulnerable to flood risks. By aligning risk management practices with lower premiums, FloodFlash’s innovative insurance solution aims to support auto dealers in protecting their businesses from flood-related losses.

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