FloodFlash has developed a technology-led approach that makes flood insurance available to everyone, including those with the highest flood risk. A policy pays out a pre-agreed, fixed sum as soon as a pre-defined level of flooding occurs. The flood triggers an internet-connected water-sensor and the payment is made immediately to the policy holder. "Every year tens of thousands of business owners lose their livelihoods because they have been unable to take out an affordable policy that protects their business," said co-founder Adam Rimmer. "In the immediate aftermath of a catastrophic flood, people care less about dollar-for-dollar reimbursement for damages and more about whether their business will survive at all. "We want to make the world more resilient to catastrophic events and we believe FloodFlash's event-based insurance is absolutely the best way for insurers to cover higher-risk areas."

http://www.businesscloud.co.uk/news/provider-of-tech-based-flood-insurance-clinches-19m