Law360, London (July 1, 2019, 8:48 PM BST) -- Risk manager JBA has partnered up with insurance technology company FloodFlash to provide bespoke cover for small businesses that struggle to find policies because they are located in areas prone to flooding.
JBA Risk Management Ltd. said that it will work with FloodFlash, which is a member of startup alliance Insurtech UK, to apply the first parametric approach to companies that are looking to insure their properties against flooding. So-called parametric insurance makes a payment when a triggering event occurs, rather than indemnifying the loss.
Insurers use this type of cover typically to transfer larger risks, such as the devastation to...
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