SUPPLEMENTAL HURRICANE INSURANCE NOW AVAILABLE ONLINE

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Jun 20, 2023, 10:00 ET

Vortex offers first-of-its-kind supplemental hurricane coverage for small and medium-sized businesses

OVERLAND PARK, Kan., June 20, 2023 /PRNewswire/ -- Vortex Insurance, an insurtech leader in parametric weather insurance, announced today the launch of an innovative insurance program allowing the purchase of supplemental hurricane insurance for portions of the United States threatened each summer with the possibility of severe hurricanes. Unlike traditional insurance, this pioneering product supplies business entities with peace of mind by providing coverage in the event of a Category 3 (or stronger) hurricane. Payouts are provided rapidly, no questions asked, and with no loss adjustment process or large deductibles.

Vortex is now offering supplemental hurricane insurance to small- to medium-sized businesses in coastal and inland locations most often impacted by these storms. This first of its kind coverage helps fill the gaps left behind by traditional insurance policies. (PRNewsfoto/Vortex Weather Insurance) (PRNewsfoto/Vortex Weather Insurance)

Vortex's Supplemental Hurricane Insurance covers gaps left by traditional property insurance. Policies are triggered if an insured business is located within a coverage area defined by a 20-mi or 40-mi circle centered upon the business (depending upon the product chosen) when a Category 3 or stronger hurricane tracks within this zone. Business owners can now have peace of mind and rapid assistance when a natural disaster hits, without the hassle of claims paperwork or adjustors. With hurricane season officially underway, Vortex Insurance is pleased to announce that this insurance is now available for purchase through an online portal. With a few simple clicks, policies are issued and available online in minutes.

Vortex has partnered with Speedwell Settlement Services Ltd., a leading provider of settlement data for parametric weather and climate related contracts, to bring this new product to market. By utilizing quality controlled third party data (hurricane storm track and intensity in this case), buyers of this product can have confidence in the independence of the data used to determine a claim payout.

"We're thrilled to be a part of this innovative product launch. Parametric products such as these are powerful whereas they bring simplicity, transparency, and speed (payment of benefits) to the small and midsize business insurance market. Here at Speedwell, we have a long history of acting as an independent third party for the certification of weather and climate observations for parametric products. This project is exciting whereas it combines our data expertise with Vortex Insurance innovation to create a product that will truly revolutionize the market," said David Whitehead, CEO of Speedwell Settlement Services.

"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. "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."

The one-year supplemental coverage is triggered automatically once a Category 3 (or stronger) hurricane passes within a 20 or 40-mi circular region (dependent on your policy) with rapid coverage payouts regardless of whether your business has actually experienced physical damage or loss due to the storm. The stronger the storm is as it passes through this region, the larger the payment once the policy is triggered. This supplemental policy is also structured to offer payouts should more than one triggering hurricane cross into your policy's coverage area within the same policy year (subject to overall policy limits). Policy owners do not need to prove loss or business interruption.

Vortex Supplemental Hurricane Insurance joins Vortex's suite of seamless and simple parametric weather insurance products, including weather-related insurance for sporting events, fairs, concerts, golf events and seasonal attractions. For more information on Vortex Supplemental Hurricane Insurance, visit www.vortexinsurance.com/supplemental-hurricane-insurance, watch this video, or send us a message.

About Vortex 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. Since 2008, Vortex has provided parametric rain insurance for outdoor events ranging from motorsports, youth sports, parades, fairs and festivals, outdoor theaters, and professional golf to haunted houses and holiday light events. Vortex is proud to now offer supplemental hurricane insurance to small businesses. 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

About Speedwell Settlement Services Ltd.

Speedwell Settlement Services is a part of the Speedwell Climate group of companies which has been providing climate data, software, and other services to the climate risk-transfer market since 1999. Speedwell Settlement is the leading provider of meteorological / climate Settlement Data for parametric (index-based) risk contracts worldwide. For the past decade Speedwell has provided Settlement Data for both over-the-counter weather transactions as well as contracts listed on the Chicago Mercantile Exchange CME). Speedwell Settlement Services is authorised and regulated by the financial regulator in the United Kingdom, the Financial Conduct Authority as a benchmark administrator. To learn more contact us at www.SpeedwellSettlementServices.com

Media Contact:
B.R. Koehnemann
Buffalo Agency
847.421.4537
[email protected]

SOURCE Vortex Weather Insurance