Vortex launches parametric hurricane insurance in Hawaii

Vortex Weather Insurance has announced the expansion of its supplemental hurricane insurance solutions to Hawaii.

These products will offer quick and dependable financial protection against hurricane losses for businesses, commercial property managers, and community property managers.

As part of this expansion, Vortex is partnering with Hawaiian Hurricane Group, and MGA/MGU specialists in hurricane insurance coverage for Hawaii residents and businesses; and Augment Risk, a global provider of strategic reinsurance & risk capital solutions.

Other partners include ExcurInsure, a provider of innovative insurance solutions; and parametric specialist Skyline Partners.

“Bringing Vortex’s hurricane coverage to Hawaii means businesses and commercial and community property managers (including Home and Condominium Owners Associations) can recover quickly after a storm,” said Andy Klaus, Vortex’s Vice President of Business Development. “With the support of ExcurInsure, Hawaiian Hurricane Group, Skyline Partners and Augment Risk, we’re helping to make hurricane protection simple and accessible in Hawaii.”

Unlike traditional insurance, Vortex’s parametric hurricane coverage relies on objective data from the National Hurricane Center, triggering automatic payments without the need for claims adjusters, financial documentation, or inspections.

One of the highlights of Vortex’s parametric offer is its automated payout mechanism. When a hurricane meets pre-defined criteria, payments are issued swiftly, eliminating the need for policyholders to prove their losses.

The solution offers broad coverage as payments can contribute towards any financial loss including flood, storm surge, wind, and business interruption.

It also offers flexible triggers, activating payouts when a hurricane of any category (1-5) passes within 30 miles of the insured location, or when a Category 3 or higher hurricane comes within 60 miles.

Furthermore, Vortex’s policies allow for multiple payouts within a single year, subject to policy limits. Additionally, coverage activates 30 days after policy signing and remains valid for 12 months, providing a substantial period of protection.

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