Vortex increases parametric hurricane insurance limit to $500,000

Vortex Weather Insurance, a parametric weather insurtech, has announced an increased available limit of $500,000 for its parametric hurricane insurance, available to businesses along the Atlantic and Gulf Coasts.

This type of insurance provides supplemental coverage triggered by specific data, helping to cover unexpected costs such as deductibles and lost business days.

Unlike traditional insurance, this policy pays out automatically based on predetermined data specified in the policy, with payouts typically mailed within about two weeks.

Business owners can select coverage for a 20- or 20/40-mile area from the storm’s track, as determined by the National Hurricane Center. Payments are tiered based on the storm’s intensity and proximity to the business. The annual policy takes effect 30 days after purchase.

The policy triggers automatically using data from the National Hurricane Center if the specified conditions are met, without requiring claims or proof of damage. There are also no restrictions on how the payout can be used.

Andy Klaus, Vice President of Business Development, said, “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.”

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