Demex offers products to cover snow removal

The Demex Group, based in Washington, D.C., said Thursday it launched products to cover the cost of snow removal.

Demex Revenue Protection Insurance is created for snow removal contractors and snow-dependent businesses. Claims are triggered when snowfall is extremely low.

Demex Cost Control Insurance serves property owners, facility managers and municipalities. Claims are triggered when snowfall is extremely high.

Snowfall triggers vary by location, according to an email statement from Carlos Oliveras, head of insurance at Demex.

For the cost protection coverage, the trigger is expressed as a deductible, the cost of snow removal that the insured must incur before coverage responds. For revenue protection, the trigger is calculated for each policy based on historical revenue and snow at selected locations, he said.

Both policies are backed by nonadmitted paper from Evanston Insurance Co., a subsidiary of Markel Inc.