Vortex Insurance, an parametric weather insurtech, announced the launch of an innovative insurance program allowing the purchase of supplemental hurricane insurance for portions of the United States threatened each summer with the possibility of severe hurricanes.
Unlike traditional insurance products, this first of its kind new supplemental coverage supplies business entities with peace of mind and coverage in the event of a Category 3 hurricane or higher with quick payouts without questions asked or large deductibles.
Set to launch in Spring 2023, Vortex’s supplemental hurricane insurance works to cover gaps left in place by traditional insurance policies.
Vortex’s parametric hurricane policies trigger if an insured business is located within a 20-mile single circle or 20 to 40-mile double circle from the hurricane center – offering business owners peace of mind and assistance when a natural disaster hits without the hassle of claims paperwork or adjustors.
Just before the beginning of hurricane season on June 1, it will be available for purchase through an online portal. With a few simple clicks, policies are issued and available online in minutes.
Over the last few years, we have seen too many businesses hurt from hurricanes in all parts of the country–not just coastal locations in the usual ‘hot-spots’ like Florida and Texas. And I don’t mean just simple cases of property damageAndy Klaus, Vice President of Business Development
Even when there’s no physical damage, small business owners often struggle to deal with the interruptions in business in the aftermath of the storm.
This new Vortex Hurricane Insurance eases these difficulties and can keep businesses from experiencing devastating revenue losses during tough times without the hassle of having to prove damage or loss, and wait for a claim to be processed.
The one-year supplemental coverage is triggered automatically once a Category 3 hurricane or higher passes within a 20 or 40-mile circular region (based on your policy) with quick coverage payouts regardless of whether your business experienced damage or loss due to the storm.
In addition, the policy is structured to offer payouts should more than one hurricane cross into your policy’s coverage area within the same policy year. Policy owners do not need to prove loss or business interruption.
Vortex Supplemental Hurricane Insurance joins Vortex’s suite of seamless and simple parametric weather insurance products, including weather-related insurance for sporting events, fairs, concerts, golf events and seasonal attractions.