Vortex offers relief through parametric coverage after hurricanes Helene and Milton

Vortex Weather Insurance, a provider specialising in parametric insurance solutions, highlights that the damage caused by Hurricanes Helene and Milton, exceeding $100 billion, left many businesses with significant out-of-pocket expenses, as traditional insurance often comes with high deductibles and exclusions for certain types of damage.

However, businesses covered by Vortex Weather Insurance’s parametric hurricane policies received swift payouts, ensuring they were better protected against losses that other insurers might not cover or only partially cover.

For example, a senior care facility in Tifton, Georgia, located within a 20-mile radius of Hurricane Helene’s impact, was covered by Vortex’s policy.

With a $65,000 insurance limit, the facility would have received a 70% payout, equating to $45,500. This payout helped the business address immediate needs while awaiting traditional insurance claims to be processed.

Andy Klaus, Vice President of Business Development and Lead Producer for Vortex, said: “Major hurricanes are devastating to businesses. Our supplemental hurricane products provide financial relief quickly – when it’s needed most – so businesses can get back to work faster. Clients are free to use the payout however they need: buy down deductibles, cover payroll, non-damage business interruption, repairs, replace spoiled inventory, etc.

“When policies trigger, the claim payments are quick and require no documentation on the part of the policy holder, which makes things a little easier during a difficult time.”

Businesses can use parametric hurricane insurance to cover expenses such as deductibles, flood-related losses, or lost wages due to closures, with no restrictions on how the payout is used.

Unlike traditional insurance, parametric hurricane coverage is based on predetermined parameters selected by the purchaser at least 30 days before the policy’s effective date. Purchasers can choose a 20- or 40-mile coverage radius around their business location. If the storm track of a major hurricane crosses into the coverage area, the policy is activated, and policyholders receive a payout—no proof of loss is required.

The automatic trigger of payouts, once the policy parameters are met, eliminates the need for policyholders to file a claim. This results in faster claim processing and quicker payouts to address immediate needs. Businesses insured with Vortex located within 20 or 40 miles of Helene’s official NOAA storm path received payouts by October 27.

“Throughout the underwriting and claim process the Vortex team demonstrated a high level of professionalism and expertise,” added Howard Danziger of Acrisure.

“They took the time to thoroughly understand our client’s needs and provided tailored solutions that were exactly what they were seeking. Vortex’s knowledge and experience with this product are very impressive. This level of dedication and personalised attention is rare, and it was refreshing to work with someone who could clearly explain a complex product.”

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