Ace Ltd and insurers at Lloyd’s of London are betting that a superstorm like Sandy won’t strike twice.The insurers have partnered with broker Aon to sell insurance to companies that just suffered from flooding in the wake of Sandy, according to a report by Dow Jones Newswire.Flooded businesses may find the offer compelling because of a quirk in the way many commercial insurance policies work. Flood losses for each year are typically aggregated, meaning the cost of each flood claim erodes the amount of flood coverage available for the rest of the year.Some companies that suffered severe flooding during Sandy exhausted the amount of flood coverage they had for the year and may decide to buy more so they are covered if another storm strikes before their policies run out. Even companies whose flood coverage wasn’t totally used up by Sandy may still want to buy more protection to replace what they have drawn down because of the superstorm.Often, companies that suffer from flooding will negotiate with their existing insurer over how much the replacement coverage should cost. But Aon’s newly-launched programme called Flood Secure offers businesses a place to turn if their existing insurer is moving too slowly or asking too much for the replacement coverage.“Flood Secure will provide coverage for all flood zones backed by the security and stability of Lloyd’s of London,” said Rick Miller, the chief broking officer for the US property practice at Aon Risk Solutions. “While organisations may be unsure how their insurance flood limits will be impacted at this time, the facility is here to help ease that concern and provide another option for future coverage.”While the wording of business insurance policies can vary widely, Aon says the coverage available under the Flood Secure facility will match the wording of whatever policy it is replacing. Mr Miller told Dow Jones newswire that Ace’s London arm, Ace Global Markets, is acting as the lead underwriter for a group of Lloyd’s insurers that will back the policies.The facility aims to replace coverage for policies expiring between January and June of next year. Since the replacement coverage will be for just a few months, it will cost less than it normally would. But otherwise, the price of the coverage will vary depending on the needs of the company.According to the Dow Jones report, because the companies interested in the coverage will have just suffered from a loss, it will likely have a fairly hefty price tag.