OVERLAND
PARK, Kan., Sept. 17,
2024 /PRNewswire/ -- As the 2024 hurricane
season enters its historically active period (Sept & Oct),
business owners are confronting the challenges posed by the
numerous financial set-backs resulting from hurricane impacts.
Many business owners have conventional wind/hail insurance, and
some also carry flood insurance to help safeguard against physical
damage to their operations. Nonetheless, they frequently face
significant deductibles, sub-limits, and exclusions, such as
business interruption coverage, leaving them vulnerable if they
must shut down even without any direct damage.
Vortex has long been a leader in the parametric weather
insurance industry and introduced commercial supplemental hurricane
insurance in 2023. Vortex is pleased to announce an increased
available limit of $500,000 for
parametric hurricane insurance for businesses along the Atlantic
and Gulf Coasts.
Parametric hurricane insurance is supplemental insurance
triggered by specific data that can fill in the gaps and help cover
unexpected expenses like deductibles and lost business days. Unlike
traditional insurance, parametric hurricane insurance is triggered
based on the predetermined data outlined in the purchased
policy.
Business owners can choose from a 20- or 20/40-mile coverage
area, measured from the track of the eye of the storm, as
determined by the National Hurricane Center. Claim payments are
tiered based on the storm's intensity and the storm track's
proximity to the business. The annual policy goes into effect 30
days after purchase.
Using data from the National Hurricane Center, the policy
triggers if the parameters in the policy are met. Business owners
who purchase this coverage do not need to make claims or prove any
damage, and the policy places no restrictions on how the money can
be used. Because the payout is triggered automatically, the money
from the policy is quickly available – typically mailed in about
two weeks.
"Parametric hurricane insurance is an excellent gap-filling
supplement that provides an instant influx of cash that business
owners can use for their immediate needs," said Andy Klaus, Vice President of Business
Development.
Vortex hurricane insurance is available to businesses for
purchase 24/7 via an online portal. There is no need to create an
account to make the purchase. The product is also available to
brokers and agents who wish to offer coverage to their clients.
Agents simply create a portal account and within minutes, can
provide hurricane quotes to their business owner clients along the
Atlantic and Gulf Coasts.
ABOUT VORTEX WEATHER INSURANCE:
Vortex
Weather Insurance (dba Vortex Insurance Agency, LLC) is a
data-driven weather risk insurtech that offers businesses a variety
of affordable parametric weather index insurance products,
including commercial supplemental hurricane insurance. Since 2008,
Vortex has provided insurance for outdoor events ranging from fairs
and festivals, motorsports, youth sports, pickleball events,
professional golf tournaments and golf clubs to outdoor theaters
and concerts, haunted houses and holiday light events. Insurance is
underwritten by Mitsui Sumitomo Insurance USA, Inc. (MSU), admitted in all 50 states and
has an AM Best rating of A+ (Superior). Weather or not … Vortex it.
Contact us at vortexinsurance.com
Media Contact:
Patrick Moree
Buffalo Groupe
832.294.4041
pmoree@buffalogroupe.com
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SOURCE Vortex Weather Insurance