Yokahu and Floodbase launch parametric flood coverage for New Orleans businesses

Yokahu has partnered with Floodbase to offer automated parametric flood insurance for businesses in New Orleans. The new coverage provides fast payouts based on satellite-monitored flood thresholds, addressing gaps left by the National Flood Insurance Program (NFIP), which caps commercial payouts at $500,000 and excludes business interruption.

The offering targets at-risk sectors like hospitality, providing broader protection that includes revenue loss, temporary relocation, and cleanup. Coverage is backed by an A+ AM Best rated carrier and distributed through Yokahu’s cat-risk.com platform, enabling brokers to instantly quote and issue policies.

Floodbase, known for monitoring global flood activity, and Yokahu, a Lloyd’s Coverholder, say this is the first of many US markets they plan to address with parametric solutions.

“With our new flood coverage options, Yokahu and Floodbase will meet a vital need for New Orleans businesses, including its beloved hospitality sector. Yokahu is thrilled to bring our insurance capacity and automated, state-of-the-art platform to rapidly quote and payout claims for New Orleans commercial customers. We are delighted to be collaborating with Floodbase and consider this only the beginning of the areas we will cover across the US.” – Tim McCosh, CEO/Founder of Yokahu.