Business & Shop Insurance is suitable for a wide range of businesses that operate from a physical premises. This includes, but is not limited to, offices, shops, pubs, restaurants, and other commercial establishments. Essentially, if you run a business from a specific location, this type of insurance can provide the necessary coverage to protect your assets and operations.
To keep your Building Sum Insured accurate: Get a professional rebuild cost valuation from a qualified surveyor. Use reputable online rebuild calculators for estimates. Review your policy regularly to reflect any property changes or rising construction costs. Include all rebuild-related costs such as demolition, site clearance, professional fees, and VAT if applicable.
If your property is underinsured, any insurance payout you receive may be reduced in proportion to the shortfall. This is due to the "Condition of Average," which means that if you're only insured for half of the actual rebuild cost, any claim may also be paid at only half of its value—potentially leaving you out of pocket.
The Building Sum Insured is the amount for which your property is insured, covering the full cost to rebuild it in the event of total destruction. This includes demolition, debris removal, professional fees, and materials. It’s important that this figure reflects the true rebuild cost—not just the market value—to ensure you’re fully protected.
In the first instance, we ask you to contact the team here at Property Insurance Centre. We wish to resolve your complaint. Here is the FloodFlash Complaints Information: We make every effort to provide a high-quality service to all of our customers. If you do have a complaint, please contact us by emailing complaints@floodflash.co, by calling us on 0333 016 5466 or through our contact page. All complaints that we receive will be recorded. FloodFlash will refer your complaint to the underwriters of this policy, Munich Re Innovation Syndicate 1840 at Lloyd’s. You may also contact Munich Re Innovation Syndicate 1840 directly, by calling +44 (0)20 7886 3900, emailing MRSL-complaints@munichre.com, or writing to: The MRSL Complaints Team Munich Re Syndicate Limited, 1 Fen Court, London, EC3M 5BN. If you remain dissatisfied, it may be possible in certain circumstances for you to refer the matter to the Complaints team at Lloyd’s. The [...]
A FloodFlash policy can be cancelled any time – however you will only receive a refund in certain circumstances, for example if you have changed address or no longer have an insurable interest in the cost of flooding. This will be calculated pro-rata based on the days you have benefitted from the insurance cover.There is a 14-day cooling-off period at the beginning of your policy, during which you can decide not to go ahead with the cover. In all other circumstances, the premium is non-refundable and you will need to pay the full premium for your policy.
All FloodFlash policies are annual and will need to be renewed each year to ensure continuous coverage. We make sure to provide appropriate reminders in the lead up to your renewal date. We currently only provide cover for one event per annual policy. If you have a claim, you will need to renew your FloodFlash policy to restart the cover. You can do this by contacting us.
A renewal quote will be provided for you via us, Property Insurance Centre, your insurance broker, ahead of your policy expiry date. You can renew your policy by contacting us directly.
You receive the payout for any lower trigger depths that were reached. The policy will still be in place for any higher trigger depths in your policy. If a flood were to occur at those heights later on we would make an additional payout.
In most cases, there should only be tax implications in the event of an excess (i.e. you don’t spend all of the money in your payout). The exact nature of any tax requirements will differ, in each case, however, and may depend on how you use the payout. If there is any uncertainty, FloodFlash strongly suggests you seek independent advice from an accounting professional.
A FloodFlash policy is intended to let you recover from a flood as quickly as possibly, and there are no restrictions on how you spend the payout. It could be used to cover immediate costs such as bills and wages, and to reduce the impact of business interruption, or to cover the costs of damage to property, contents or stock.
If a flood event occurs that you think should have triggered the sensor but you have not heard from us, notify us within 28 days of the incident either by emailing support@floodflash.co or calling 0333 016 5466. We will issue the payout to you if we are satisfied that a valid claim would have been payable under this policy after considering the available evidence. For more information visit section 5 of your policy document.
If your FloodFlash sensor detects a flood at the trigger depth you have selected, we will notify you by email to confirm that you have been affected. We then process the data from your sensor in order to validate and pay your claim as soon as possible. There is no need for a visit from a loss adjuster or other damage calculation, allowing you to concentrate on managing your recovery.
FloodFlash is a Lloyd’s coverholder, with underwriting capacity provided by Munich Re Syndicate 457. With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress. Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
Unfortunately, moving to a new location would require you to buy a new FloodFlash policy. Each policy and its premium are tailored to your specific location, so are not transferable.
Your FloodFlash policy is complementary to any existing insurance and should have no impact on any policies you currently hold. We do recommend, however, that you check this with your broker or existing insurance provider before taking out a FloodFlash policy.
We use state-of-the-art flood risk modelling, and high-resolution geospatial data to calculate the risk of flooding at your property. The risk calculation feeds directly into your premium, meaning that the cost of your FloodFlash policy will always reflect the likelihood that you are flooded. Locations with higher flood risk have higher premiums and vice versa.
The 14-day waiting period begins when you take out a new policy. During this time we are not liable to pay any claims that arise. This is to make sure policies cannot be taken out in reaction to significant flood warnings. We also use this period to install the sensor. The waiting period doesn’t apply for renewal policies.
We use state-of-the-art risk modelling to calculate premiums that reflect the likelihood of flooding at your property. In your quote document, you can compare premiums across different depths and payment amounts to find a level that suits your budget. If these are still too high, you may want to consider investing in measures to increase your flood resilience, such as a flood management plan or flood defences. A FloodFlash policy can work in harmony with these investments to lower your premium. If you have taken steps which will reduce the overall cost of flooding, then you can choose a lower payout. If you are protected to a greater depth, then you can raise the trigger level. One of our first policyholders cut their premium by installing 1 metre high floodgates on their building. The gates enabled them to raise their trigger depth to over 1 metre, delivering a policy [...]
FloodFlash policies cover all naturally occurring floods, including floods caused by heavy rainfall or melting snow, rivers bursting their banks, groundwater and storm surge along coastlines. It even covers flooding caused by dams or canals overflowing or being breached. FloodFlash doesn’t cover flooding due to burst pipes (sometimes called escape of water). It is likely that this is covered under your existing insurance, though we recommend you check with your insurance provider.
In most cases, the answer is yes – though every local planning authority is slightly different, so we do recommend you check with the relevant one in your area if you’re concerned. Local planning authorities will often be looking at whether the sensor is a permanent fixture to decide if it counts as an alteration to a listed building; it isn’t and, in fact, it remains FloodFlash property after installation.
If you want to change the placement of your sensor mid-term, this will incur an additional fee of £75+VAT. If you want to move your sensor to a different building you may also require a new quote. For more information, email support@floodflash.co.
We need trained installation engineers to set your sensor up to make sure it reports data correctly for the right building. If you move the sensor without informing us we may not be able to use the data in the event of a flood which could mean that your claim isn’t paid. Please email support@floodflash.co if you need further details or want to request a sensor move.
We rent your FloodFlash sensor to you at an annual fee of £100+VAT. It covers data processing costs along with routine maintenance requirements. Initial installation is provided at no extra charge. If you choose to move the sensor after the initial installation (either at renewal or mid-term) you will incur an additional fee of £75+VAT.
