Source: Financial IT

With a widely predicted hyperactive hurricane season, many experts anticipate huge losses from property damage and BI that could devastate businesses and communities for months on end.

Flood BI has been created because many businesses and public entities cannot get BI coverage. It isn’t included under National Flood Insurance Program (NFIP) policies and private carriers rarely offer standalone BI.

FloodFlash hopes to support the many organizations at risk of flooding, not just in the Gulf and Eastern seaboard, but across the US.

FloodFlash US Commercial Director Rich Coyle said: “Flooding causes billions of dollars in losses across the US every year yet only 20% of those losses are covered by insurance – and a massive part of that uninsured loss comes from business interruption. The BI options on the market are too few and offered too rarely.

Read full article: https://financialit.net/news/insurtech/floodflash-launches-new-business-interruption-coverage-ahead-hurricane-season