Sheffield broker provides new rapid payment flood insurance to help local firms and landlords stay afloat
20th October 2020
Sheffield broker IFM is supporting local firms combat the threat of flooding with a new technological solution which provides a new rapid payment flood insurance.
Sheffield broker provides new rapid payment flood insurance to help local firms and landlords stay afloat
With winter approaching, IFM Insurance Brokers is providing Sheffield firms and landlords a solution to combat flooding and the devastating effect it can have on business.
A new partnership between IFM and FloodFlash provides a rapid-payout flood insurance product. This new flood insurance is available for all businesses and landlords in South Yorkshire . FloodRe, the national scheme for providing affordable flood insurance to homeowners is not available to businesses and landlords.
FloodFlash uses advanced risk-modelling and mobile-connected sensors to remove the costs, time and uncertainty associated with traditional flood insurance and works in three simple steps:
- Firms choose up to three trigger depths and pay out values for their cover
- A FloodFlash engineer installs a mobile-connected sensor at a signed up firm within 14 days
- When a flood reaches the agreed depth, FloodFlash sends the firm an agreed settlement in full#
Annual UK flood losses are estimated at £500m (JBA) and 52 per cent of small businesses on floodplains don’t have any form of flood insurance, exposing them to significant financial risk (FSB). What’s more The Environment Agency issued multi flood warnings across South Yorkshire as a result of Storm Ciara earlier this year.
Mark Barlow, Managing Director of IFM Insurance Brokers said: “Storm Ciara earlier this year was a timely reminder of the devastating affect flooding can have on firms and landlords across South Yorkshire. With firms and landlords being denied insurance through a combination of insurers, this new solution provides peace of mind and cover which is not available elsewhere”
FloodFlash Commercial Director Brent Jackson said: “Brokers are the lifeblood of successful commercial insurance companies. This new partnership will help us cover more of the highest risk businesses and landlords to make sure they can recover when the next flood hits”.
