Revolutionary Parametric Flood Insurance for New Orleans Businesses: Floodbase and Yokahu Join Forces!
Floodbase and Yokahu have teamed up to unveil an innovative range of automated parametric flood insurance policies specifically designed for businesses in New Orleans. This partnership aims to fill the critical coverage gaps that many local businesses face during extreme weather events, such as Hurricane Ida.
Addressing Flood Insurance Shortcomings
The existing coverage options, particularly through the National Flood Insurance Program (NFIP), have proven inadequate. With payout limits of only $500,000 and coverage primarily focused on direct property damage, numerous economic losses remain uncovered.
Enhanced Financial Protection Solutions
Floodbase is widely recognized for its real-time flood monitoring and data-driven parametric insurance solutions. This collaboration with Yokahu, leveraging its advanced platform at cat-risk.com, will provide essential tools that offer broader financial protection.
How the New Parametric Flood Insurance Works
- Payouts are automatically triggered when a predefined flood threshold is met.
- In New Orleans, when a specific area of the city becomes submerged, payouts occur without the need for physical damage assessments.
- The coverage extends beyond property damage to include:
- Business interruptions
- Revenue losses
- Cleanup costs
- Repair expenses
- Temporary facilities
Robust Financial Backing
The new parametric coverages are supported by an A+ rated carrier from AM Best, ensuring solid financial support for policyholders. Clients can choose from various predefined options to accommodate different budgets and protection needs.
Impact on New Orleans’ Hospitality Sector
These innovative insurance policies provide crucial relief for New Orleans’ iconic hospitality industry, which has historically struggled with inadequate flood-related coverage. Businesses situated above ground level, often excluded from traditional flood insurance payouts, will now have access to vital financial support post-flood events.
Statements from Company Leaders
Floodbase co-founder and CEO, Bessie Schwarz, emphasized the need for better flood insurance options: “New Orleans businesses have gone far too long without adequate flood insurance options, leaving them vulnerable and financially exposed in the event of major floods.”
Yokahu CEO and Founder, Tim McCosh, expressed similar sentiments: “With our new flood coverage options, Yokahu and Floodbase will meet a vital need for New Orleans businesses, including its beloved hospitality sector.” He added that they are excited to enhance their insurance capacity and automate the quoting and claims process for commercial customers in New Orleans.
For more details on how these automated flood insurance policies can protect your business, visit Floodbase and explore the benefits of proactive flood risk management today.
