Floodbase and Raincoat to pool local responders' flood risks in Virginia
By Henry Gale
June 17 - (The Insurer) - Parametric insurance specialists Floodbase and Raincoat have been awarded funding to design a risk pool for NGOs in western Virginia.
The companies were selected as winners of nonprofit RISE's Riverine Community Resilience Challenge, which funds pilots of flood resilience measures in Northwest and Southwest Virginia. Sources of the funding include the federal and state departments of housing and community development and economic development initiative GO Virginia.
"In collaboration with Raincoat, we're designing the first-ever regional risk pool for NGOs in western Virginia, delivering flexible capital to local first responders to improve disaster response and resilience through community-based insurance," Floodbase said in a LinkedIn post.
Floodbase and Raincoat previously received a grant after being selected as a winner in RISE's 2024 challenge.
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