Vortex Insurance’s supplemental parametric hurricane insurance is now available online for for small and medium-sized businesses in parts of the US.
Launched on March 2023, the insurtech company stated its 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 or stronger hurricaine passes within a 20 or 40-mile radius, 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.
“We are delighted to make this product available to businesses along the entire Atlantic coast of the US (from Texas to Maine). Hurricane season began June 1st, so we recommend investing in this supplemental coverage as soon as possible,” said Andy Klaus, Vice President of Business Development.
Adding: “Over the last few years, so many businesses have been negatively impacted by major hurricanes. And this impact is not limited to property damage. Even if a business experiences no physical damage from a storm, there are countless other business interruptions and financial hardships that can occur during and after the storm passes.
“Our new supplemental hurricane insurance is designed to minimize these financial difficulties by providing a completely independent, transparent, and quick claims process to help close gaps left behind in most traditional property insurance policies. Recoveries are quick and can be used to begin the rebuilding process or for any other purposes.”
