We all recognise that our climate is changing. Wetter winters, colder springs, sudden heatwaves are changing the way our seasons behave and this can have a significant impact on the farming and agricultural community, particularly when it comes to flooding.
Over recent years, insurance cover for flood risk areas has become increasingly hard to obtain – or simply too expensive. However, there is an alternative to traditional flood insurance.
FloodFlash was developed to remove the uncertainty from insurance and provide a simple solution to British businesses. This is no truer than for the farming and agricultural sector, which can benefit from FloodFlash rapid-payout cover in many ways.
Here are the top five reasons why you should talk to Partners& about FloodFlash insurance cover for your farming business:
We can provide you with a FloodFlash quote for farm insurance no matter what the risk
Land management and farming practices are integral in managing flood risk. This is often because they sit within flood catchment areas.
Being “in the line of fire”, farms are often exposed to high flood risks – particularly when nearby urban developments can cause flood water to change course. When flood risks increase, many insurers increase prices or add excesses to farm flood insurance policies. Some even remove flood cover entirely.
FloodFlash provides farm flood insurance quotes that can sit next to your primary farm insurance. Even if your property has suffered multiple historical floods, you can request a rapid-payout insurance quote to bridge the gap in your flood cover.
Cover is available for any type of farm or agricultural property
FloodFlash flood insurance can be provided for any commercial property, no matter the usage, including:
- Farming buildings
- Grain stores
- Holiday cottages
- Warehouses
- Barns
FloodFlash can be used for any permanent business premises, regardless of what it is used for.
FloodFlash pay claims fast, so you can focus on recovery
Flooding has an immediate impact on farms. It can often require weeks of work to prepare for and weather a storm – and that’s before the recovery begins. When livestock or crop stores need to be moved the bills can quickly mount up – particularly if you’re using alternative premises or buying in feed.
Some conventional insurance claims can take months to settle in full, leaving the business out of pocket as wages, tax bills, equipment and land rental costs all still need to be paid. Slow payouts can cripple a farm’s finances for a long time even if the right cover is in place.
FloodFlash is different. For example when Storm Ciara swept across the UK in February 2020. By the end of the following day FloodFlash had paid claims in full. This meant that those clients didn’t have to wait for their insurance providers to agree and settle claims. Instead they could concentrate on the most important thing – getting the business operational again. FloodFlash aim to pay the majority of claims within 48 hours.
You’re in control of your recovery with a FloodFlash claim payout
FloodFlash can be used to pay for any costs that arise from a flood. That includes obvious costs such as feed, field rental and repairing fences, dykes and equipment, but also hidden costs such as wages, bills and loss of business. Claims payments can also be used to invest in flood defences and help protect your farming business from future flood events.
You are in full control of your recovery from start to finish, enabling you to assess the damage then apply the funds as you see fit.
Building resilience can reduce your insurance costs
If you work in the farming or agricultural industry, you’re more aware than most of the risks your business can face from adverse weather conditions.
The farming community works with the natural landscape – and often adapts to the environment to build resilience against the risk of flooding. Floodgates, pumps, landscaping… all of these contribute to making your property more resilient – and can result in a lower premium for FloodFlash insurance.
When you consider FloodFlash for your flood risk cover, you choose two things:
- the flood depth that you want to cover, and
- the amount of money you receive when flooding reaches that depth.
If you choose a higher depth (as a result of having installed flood defences such as flood gates) then the comparative flood risk is lower. This makes the premium significantly cheaper. In other words, if you manage your flood risk, you can manage the cost of your FloodFlash policy.
Talk to our team to find out more about how FloodFlash cover can help your farming or agricultural business with parametric flood risk insurance.
