OVERLAND
PARK, Kan., April 18,
2024 /PRNewswire/ -- 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 a Cat 3 or stronger hurricane "eye"
tracks through the coverage area, a claim and payout occur in about
two weeks.
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.
According 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.
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
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SOURCE Vortex Weather Insurance