With the recent downpours and the resulting flooding around the two counties, which resulted in local companies taking a heavy impact on their operations, some have experienced expensive premiums when insuring their business against the risk of flooding.
However, a new kind of flood insurance has been introduced, which removes uncertainty, cost and time usually associated with traditional flood insurance.
This is achieved with an innovative combination of technology and simplicity:
- You select what depth of water would cause you problems
- You select the amount of money you get if water reaches that depth
- An electronic sensor is installed on the outside of your building
- If the water reaches your selected depth the sensor transmits a message and you get paid
Herefordshire & Worcestershire Chamber strategic Member Sutcliffe & Co Insurance Brokers is one of only a handful of brokers across the country that has access to a completely new type of flood insurance.
Duncan Sutcliffe, Director of Sutcliffe & Co, commented: “Unlike traditional insurance where the insurance company examines the details of your claim, goes through the small print of your policy, requires evidence and receipts and paperwork, this insurance simply monitors your sensor. If the pre-agreed target depth is reached, then money is transferred to your account for you to use as you wish; it’s that simple.
“It is revolutionary and evolutionary flood insurance. We are so pleased to be able to offer this to businesses and landlords, particularly considering how much of the country is affected by flooding.”
The premium can be tweaked by adjusting the ‘trigger’ depth and payment amount and you can have up to 5 trigger depths, giving you further payouts if the flood level rises.
This new way of offering flood insurance will be a more efficient and cost effective way for businesses to protect themselves from potential damage caused by floods.