Floodbase Yokahu have announced an exciting new partnership to launch a cutting-edge range of automated parametric flood insurance policies tailored specifically for businesses in New Orleans.
The new product has been introduced to address critical gaps in flood insurance for New Orleans businesses, particularly those exposed during extreme weather events like Hurricane Ida.
Existing coverage through the federal National Flood Insurance Program (NFIP) has proven insufficient, with payout limits of $500,000 and coverage confined to direct property damage, leaving many economic losses unrecovered.
Floodbase, renowned for its real-time flood monitoring and data-driven parametric insurance solutions, provides essential tools to offer broader financial protection. Yokahu, with its advanced insurance platform cat-risk.com, enhances this capability by facilitating seamless, rapid quoting and claims handling for brokers and businesses.
The new insurance policies automatically payout once a predetermined flood threshold is met. In New Orleans, this means that when a specific portion of the city’s area is submerged, payouts are triggered without the need for physical damage assessments. The coverage supports a wide range of financial losses beyond property damage, including business interruption, revenue losses, cleanups, repairs, and temporary facilities.
The parametric coverages are backed by an “A+” AM Best rated carrier, ensuring robust financial support. Clients can select from multiple predefined options to suit various budget and protection needs, with Yokahu’s platform making the quoting and management process fast, transparent, and efficient.
These new policies provide much-needed relief for sectors like New Orleans’ iconic hospitality industry, which have historically been underinsured for flood-related disruptions. Businesses located above the ground floor, often excluded from traditional flood insurance payouts, will now have access to crucial financial support following flood events.
Floodbase co-founder & CEO Bessie Schwarz said, “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. We are excited to partner with Yokahu, to empower brokers with instant quotes of new, holistic flood coverages that put businesses in a stronger position to weather the aftermath of a catastrophe.”
Yokahu CEO/Founder Tim McCosh said, “With our new flood coverage options, Yokahu and Floodbase will meet a vital need for New Orleans businesses, including its beloved hospitality sector. Yokahu is thrilled to bring our insurance capacity and automated, state-of-the-art platform to rapidly quote and payout claims for New Orleans commercial customers. We are delighted to be collaborating with Floodbase and consider this only the beginning of the areas we will cover across the U.S.”
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