Descartes Underwriting, a specialist in corporate parametric insurance solutions for climate and emerging risks, has launched a new fully customisable Flood-at-Location parametric flood insurance product for US commercial customers.
Backed by extensive research in flood modelling and advanced sensor systems, Descartes noted that its new product upends the traditional approach to flood insurance to deliver better protection for businesses, investors, and homeowners associations.
The product covers any economic losses resulting from fluvial, pluvial and coastal flooding, with limits of up to $70 million available.
“Payment is usually received by the insured within days. Coverage is offered for one or more locations, and with flexible durations to match project lengths or client preferences, including multiple years,” Descartes explained.
The firm continued, “Additionally, any type of business and industry class may be covered. Any economic loss sustained is insured, including property damage, business interruption, and extra expenses. No direct physical damage is required to trigger a payout.
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“Most importantly, companies with high historical flood losses–oftentimes facing the toughest renewal conditions–gain access to a customised, stable insurance solution. Policies are available in the surplus lines market in all 50 states.
“Flood-at-Location from Descartes is a superb supplement to Property All Risks insurance. It provides coverage for risks that the National Flood Insurance Program (NFIP) excludes (such as docks, piers, etc.) and can be designed to respond in excess of NFIP’s $500,000 limit, with a cost-efficient structure.”
Daniel Vetter, Head of Americas for Descartes, commented, “This responsive and remarkable new product delivers unparalleled, flexible flood coverage for commercial properties.
“For all the reasons that conventional insurance for flood is sometimes unsatisfactory–slow claims payments, exclusions, sub-limits, or a lack of availability–this parametric product will fill the existing gap we’re seeing in the market.”
Kevin Dedieu, Co-founder and Chief Scientific Officer of Descartes, said: “This market-leading coverage follows intensive research and development conducted by Descartes in-house and with our technology partners.
“We developed this product because our brokers shared with us that commercial flood products available at the time did not meet their clients’ needs. We utilised our scientific approach to create this new, highly responsive product, which leaves no gaps uninsured.”
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