Descartes Enhances Parametric Flood Insurance Offering for US Businesses
Parametric insurance provider Descartes Underwriting has introduced a new flood insurance product designed to offer enhanced protection for U.S. businesses, investors, and homeowners associations.
Coverage is available for all types of businesses and industry sectors, with policy limits of up to $70 million.
The Flood-at-Location policy is fully customizable and built on advanced flood modeling and sensor technology. It provides coverage for economic losses caused by fluvial (river), pluvial (rainfall), and coastal flooding—without the need for direct physical damage to trigger a payout. Real-time, on-site sensors accurately measure flood depth to ensure swift and reliable claims.
Claims are evaluated using precise flood depth data and the client’s predefined payout structure, enabling rapid compensation without the need for adjusters or lengthy investigations. According to Descartes, insured parties typically receive payment within just a few days.
All types of economic losses are covered under the policy, including property damage, business interruption, and additional expenses. For instance, if flooding blocks a service road and disrupts customer access, that scenario is now an insurable risk. Most notably, businesses with a history of significant flood-related losses—often facing the most challenging renewal terms—can now secure a viable insurance solution.
Descartes’ Flood-at-Location policy offers protection for risks excluded by the National Flood Insurance Program (NFIP) and can be tailored to provide coverage beyond the NFIP’s $500,000 limit, all within a cost-effective framework.
Coverage is available for single or multiple locations, with flexible terms that can be tailored to align with project timelines or client preferences, including options for multi-year periods.
Policies are accessible through the surplus lines market across all 50 states.
EverPeak Expands Operations to 11 Additional States
EverPeak Insurance, a provider specializing in workers’ compensation coverage, has officially expanded its presence to 11 new states, including Alabama, Florida, Illinois, Indiana, Maryland, Michigan, Missouri, Mississippi, Oklahoma, Pennsylvania, and Virginia. This growth offers insurance agents and brokers a valuable new resource to secure coverage for small to medium-sized businesses, particularly those operating in traditionally challenging industries.
EverPeak now serves 16 states, offering accessible workers’ compensation insurance tailored specifically for small- to medium-sized businesses. Whether established or emerging, businesses can rely on EverPeak’s coverage designed to meet their unique needs.
EverPeak has facilitated workers’ compensation coverage for over 5,300 businesses to date. Available exclusively through Attune, the product features more than 345 straight-through class codes, allowing agents to swiftly generate quotes and bind policies within seconds on the Attune platform— all supported by A-rated underwriting carriers.
