Vortex Weather Insurance, a provider of parametric weather insurance solutions, has launched direct access to its parametric hail insurance product, HailSafe.
HailSafe can now be purchased directly from Vortex by brokers and businesses exposed to weather conditions, including open parking lots, solar farms, commercial rooftops and agricultural operations, whereas previously it could only be purchased through third-party vendors.
The HailSafe policy developed through Vortex relies on independent, third-party hail measurement sources, combining radar, National Weather Service data, storm reports and expert meteorologists.
“We are pleased to officially launch direct access to HailSafe,” said Andy Klaus, Vice President of Business Development at Vortex. “Brokers and businesses can contact us directly to implement tailored hail protection using independent data sources that many insureds and carriers already know and trust.”
HailSafe is a 12-month parametric hail insurance policy that provides fast, predictable payouts when record-sized hail strikes a covered location. If the policy pays out, there are no claims adjustments, damage inspections or deductibles.
Customers can use the proceeds however they choose, whether to repair damage, replace lost income, pay a higher deductible or invest in resilience.
Standard HailSafe policies can trigger hail as small as 1.0 inches in diameter, with custom triggering options available to match a customer’s risk profile or risk transfer strategy.
HailSafe is designed to complement traditional property insurance and help commercial property and casualty brokers offer differentiated products for weather-impacted accounts. It can also support dealers and fleet operators in protecting open-pit stock, and owners of solar farms and critical rooftop assets in managing hail risk, while helping agricultural operations hedge against the financial risks associated with hail damage.
“HailSafe is ideal for businesses looking to protect open-air commodities such as solar panels, crops, roofs and vehicles,” Klaus added. “Payments are typically issued within approximately one week of the hail-causing event, giving our customers peace of mind throughout the storm season.”
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