OVERLAND PARK, KS – In Florida, hurricanes pose a big threat to small businesses, and this year, hurricane season is forecasted to be “extremely active.” Vortex’s Supplemental Hurricane Insurance works to protect those vulnerable coastal businesses by filling the gaps left behind by traditional P&C insurance policies.
If you’re an insurance producer or small business owner in Florida, or anywhere along the Gulf or Atlantic coast, you can get an instant quote here.
1According to the National Oceanic and Atmospheric Administration, there have been 363 billion-dollar weather disasters since 1980 (as of August 2023). And hurricanes have caused the most damage: over $1.3 trillion total, with an average cost of $22.8 billion per event. These striking statistics further emphasize the importance of planning ahead for hurricane season and protecting what you can as a small business owner.
Vortex Supplemental Hurricane Insurance is part of Vortex’s suite of seamless and simple parametric weather insurance products, designed to offer weather-related insurance across various industries, including sporting events, fairs, concerts, golf events and seasonal attractions. This product can help agents bolster and diversify their portfolio of product offerings while giving clients the peace of mind they need heading into hurricane season.
The process for obtaining coverage is simple. Insurance producers and clients can easily create and bind policies that fit their needs and budget in Vortex’s self-service Portal. Insureds or their agents can choose to cover either a 20-mile or a 40-mile radius around the business. Once a policy is issued, Vortex manages everything else, including processing claims. Policies are activated 30 days after payment of premium, so acting early is crucial to having coverage in place before the start of the hurricane season.
Here’s how it works. If the center of circulation (the “eye”) of a Category 3 or stronger hurricane tracks through the chosen coverage area, a claim is triggered and a payout occurs, usually within two weeks. There’s no need to prove damage or that a loss occurred. Business owners get paid and can use that money towards anything they choose, such as rising deductibles, storm damage, inventory recovery, payroll, etc. In addition, the policy lasts for 12 months and is structured to offer payouts should more than one hurricane cross into your policy’s coverage area within the same policy year, up to the annual policy limit.
To further understand how payouts are structured, please refer to the chart below.
Storm track determinations are provided by an independent third party, using storm track and intensity data from NOAA’s National Hurricane Center. Read more about that process in our blog.
“Over the last few years, we have seen too many businesses hurt from hurricanes in all parts of the country…And I don’t mean just simple cases of property damage,” said Andy Klaus, Vortex’s 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. Vortex Supplemental 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.”
WeatherTiger co-founder and chief meteorologist Dr. Ryan Truchelut explained, “The core uncertainty for the 2024 Atlantic hurricane season is “whether the upcoming hurricane season will be crazy busy, or merely pretty busy.”
Act now to get ahead of the busy hurricane season that officially begins June 1 and help your clients protect their bottom line. Through the Vortex online Portal, business owners or their agents can quote and bind hurricane policies in just a few minutes. Get started with a free quote in our Portal.
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 supplemental hurricane insurance. Since 2008, Vortex has provided insurance for outdoor events ranging from fairs and festivals, motorsports, youth sports, parades, professional golf tournaments and golf clubs to outdoor theaters, 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
