With storms and the resulting flooding on the rise, unLTD caught up with Mark Barlow, MD of Sheffield-based IFM Insurance Brokers, for the lowdown on how new technology is enabling a ‘different type of cover to be introduced’
Storms Ciara and Dennis brought widespread flooding and damage across many parts of Yorkshire earlier in the year and we have witnessed another bout of flash flooding this June. Sadly, major flooding incidents across the county seem to be happening annually as climate change continues to bring more volatile and unpredictable weather conditions. What’s more, flood defences that have been installed across our region seem to do little to combat the devastating impact of flooding, or have just moved the problem downstream.
With the unpredictability of flooding and the damage it causes set to continue, businesses are rightly looking to insurers to help them get back on their feet as soon as possible. To put this in to perspective, insurer AVIVA, saw a 285 per cent surge in calls and claims as it helps to repair the damage caused by Storm Ciara, with areas such as Sheffield and Bradford badly affected.
Insurance challenge for business
For businesses across South Yorkshire the issue of flooding is extremely worrying as the government-backed Flood Re Scheme is not available. This means that small businesses in particular are increasingly struggling to get insurance when located in high flood risk areas. This can have severe consequences, as being unable to claim for a flood loss would put the sustainability and longevity of a business in jeopardy. Plus, it can create real difficulties in getting loans, managing cash flow, entering into contracts and acquiring and selling property.
So what are the options for small businesses? If a firm is struggling to obtain flood insurance, it’s always worth contacting IFM Insurance who can navigate the insurance market to see what options are available. Some insurers work on different flood risk maps to others and a different insurer may provide the cover a business needs.
A technological solution
New technology is now available which has enabled a different type of cover to be introduced. At IFM we have partnered with FloodFlash, which gives our clients an innovative, technology-led solution, enabling them to obtain flood insurance in high-risk areas.
FloodFlash gives firms fast and flexible cover by using the latest in data modelling and connected technology. It provides a fixed payment to a business as soon as sensors detect that the water level at their property has risen above a pre-agreed level and is available to anyone, irrespective of whether or not they have been declined flood cover previously.
Getting claims paid quickly has a huge impact on a flooded business. They can start recovering quicker and long-term property damage from factors like mould can be prevented. Fast payouts also have a massive impact on the emotional trauma caused by floods. By having FloodFlash installed, firms can have the financial security within days of being affected by a flood.
IFM Insurance Brokers
0114 268 4606
