Weather risk agency Vortex Insurance Agency LLC has released a new online portal that provides businesses with access to parametric rain insurance quotes.
Rain insurance premiums are based on a number of risk factors, including the event location, time of day, time of year, and historical weather data.
And because the portal deals with only parametric products, claim determination is event-based, meaning recoveries are dependent on rainfall measurements during an agreed upon hourly window, rather than on a defined loss.
Vortex’s RainIQTM portal aims to make quotes available with minimal data input and requires no application to get a quote. Coverage is also offered for pre-defined hourly periods using targeted local data.
“With our new RainIQTM portal, customers can instantly see hourly rain insurance quotes for any location in the continental United States. Customers have previously expressed it’s too hard to find real answers to what rain insurance actually costs,” said Andy Klaus, Lead Weather Index Insurance Producer at Vortex.
Insurance offered through the RainIQTM portal utilizes targeted local rainfall data, utilising localized-gridded data to calculate rainfall within a 2.5 mile-square box that includes the actual insured location.
This initial roll-out of RainIQTM includes specialized product offerings for fairs and festivals, as well as golf events.
“We believe in making things easy to help keep your business moving. The quote process is quick and simple with our new RainIQTM portal,” Klaus said. “We’ve also designed a simple pathway for an insured to purchase a particular quotation provided by the portal.”