Hurricane Coverage from Vortex Insurance Fills Gaps after Hurricanes Helene and Milton

OVERLAND PARK, Kan., Jan. 29, 2025 /PRNewswire/ -- Hurricane season may be over, but the damages Helene and Milton left behind total more than $100 billion. With deductibles and various losses not covered by insurance, many businesses were left with tens of thousands of dollars of out-of-pocket costs.

Businesses covered by Vortex Insurance's parametric hurricane insurance, however, received quick payouts and enjoyed peace of mind knowing that their policy's claim payments would cover losses excluded or limited by other insurance.

As an example of how the hurricane coverage works, let's look at a senior care facility in Tifton, Ga., located within the 20-mile radius coverage area from Helene. With a $65,000 insurance limit, that organization would have received a 70% payout, giving them $45,500 to address immediate needs while waiting for other traditional coverage to kick in.

"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." said Andy Klaus, Vice President of Business Development and lead producer for Vortex. "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 deductibles or losses from flood or to pay lost wages to employees because the business was closed. There are no restrictions on how the payout can be used.

Here's a short video about supplemental hurricane insurance.

Unlike traditional insurance, parametric hurricane insurance is based on a set of parameters chosen by the purchaser at least 30 days before the policy effective date. Purchasers can choose from a 20- or 40-mile coverage area (as a circle) measured from the business location. If the recorded storm track of a major hurricane crosses into the coverage area of the policy, the policy triggers and insurance holders receive their payout. No proof of loss is required.

Payouts are triggered automatically if the parameters are met with no need for policy holders to file a claim, which results in faster claim processing and quicker payouts to cover pressing needs. Businesses insured with Vortex located within 20 or 40 miles of Helene's official NOAA storm path received payouts by October 27.

Obtaining a policy from Vortex is easy for both brokers and business owners.

"Throughout the underwriting and claim process the Vortex team demonstrated a high level of professionalism and expertise," said 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 personalized attention is rare, and it was refreshing to work with someone who could clearly explain a complex product."

ABOUT VORTEX WEATHER INSURANCE:
Vortex Weather Insurance (dba Vortex Insurance Agency, LLC) is a data-driven weather risk insurtech that offers businesses a variety of affordable parametric weather index insurance products, including commercial supplemental hurricane insurance. Since 2008, Vortex has provided insurance for outdoor events ranging from fairs and festivals, motorsports, youth sports, pickleball events, professional golf tournaments and golf clubs to outdoor theaters and concerts, haunted houses and holiday light events. Insurance is underwritten by Mitsui Sumitomo Insurance USA, Inc. (MSU), admitted in all 50 states and has an AM Best rating of A+ (Superior). Weather or not … Vortex it. Contact us at vortexinsurance.com

Media Contact: Patrick Moree
Buffalo Groupe
832.294.4041
[email protected]

SOURCE Vortex Weather Insurance