OVERLAND PARK, KANSAS ─ 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
