Parametric weather insurtech Vortex Insurance has announced the launch of a new insurance program that allows for the purchase of supplemental hurricane insurance for parts of the US.
Set to launch in Spring 2023, Vortex’s supplemental hurricane insurance will work to cover gaps left in place by traditional insurance policies.
The one-year supplemental coverage is triggered automatically if a Category 3 hurricane or higher passes within a 20 or 40-mile circular region with coverage payouts made regardless of whether a 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 a policy’s coverage area within the same policy year.
“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 damage,” said Andy 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.”
Vortex Supplemental Hurricane Insurance joins Vortex’s existing suite of parametric weather insurance products, which includes weather-related insurance for sporting events, fairs, concerts, golf events and seasonal attractions.
