Descartes Launches Highly Responsive Parametric Flood‑at‑Location Product
PRODUCT: Flood‑at‑Location.
COMPANIES: Descartes Underwriting.
BEST RATING: A+
FOCUS: Descartes Underwriting recently launched a new parametric flood insurance product for U.S. commercial customers. Backed by extensive research in flood modeling and advanced sensor systems, it delivers protection for businesses, investors and homeowners associations.
“This responsive and remarkable new product delivers unparalleled, flexible flood coverage for commercial properties,” says Daniel Vetter, head of Americas, Descartes. “For all the reasons that conventional insurance for flood is sometimes unsatisfactory—slow claims payments, exclusions, sub‑limits, or a lack of availability—this parametric product will fill the existing gap we’re seeing in the market.”
“We developed this product because our brokers shared with us that commercial flood products available at the time did not meet their clients’ needs,” adds Kevin Dedieu, co‑founder and chief scientific officer, Descartes.
COVERAGE DETAILS: The product covers any economic losses resulting from fluvial, pluvial and coastal flooding, and offers rapid payouts—often within days—triggered by pre‑set conditions, giving insureds immediate liquidity to recover faster.
With sensor‑based, location‑specific coverage, policies are customizable, can span multiple sites and sensors, and provide real‑time monitoring via dashboards and alerts. It can also protect against business interruption, supply‑chain disruption and access issues, which is ideal for businesses like hotels or manufacturers needing flexible, fast‑acting protection.
Flood‑at‑Location from Descartes can also be used as a supplement for risks that the National Flood Insurance Program (NFIP) excludes, such as docks and piers, and can be designed to respond on top of NFIP’s $500,000 limit with a cost‑efficient structure.
UNDERWRITING: Limits of up to $70 million are available.
TARGET: Commercial clients. It is also beneficial to clients who have had recent losses, providing new capital in areas where traditional insurance may be more reluctant to cover. Common business sectors include retail, manufacturing, hospitality, real estate, infrastructure and construction.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Descartes underwriting team.
Will Jones is IA editor-in-chief.
