Product Overview

Condominiums, Hotels, Manufacturing, & More

Parametric Hurricane Insurance can be used by coastal property owners to provide
windstorm coverage for:

Building coverage as well as landscaping & outdoor property.
Salt Water, Storm Surge, or Flood coverage.
Erosion & Restoration of Roads, Beach, Lake, & Bridges.
BI (no PD requirement), reduced revenue pre & post storm.
Losses that fall within traditional insurance deductibles.
Loss of Attraction including reduced bookings.

All expenses for storm preparation & debris removal.
Rapid claims payment.
No distinction between wind & flood losses.
True first dollar cover.
No waiting period.
Once the wind speed is met losses are covered.

COVERAGE
The policy is intended to cover ANY economic loss caused by named windstorms including but not limited to: Losses contained within traditional insurance deductibles, Loss to exposures not covered by traditional insurance, Losses caused by exclusions contained within traditional insurance. Policyholders select the amount of insurance desired, and levels to trigger coverage.

INSURER
Various E&S A.M. Best A XV or better Ratings

UNDERWRITING DETAIL
Statement of values and street addresses of exposure(s) to be insured.

LIMIT
Up to $50 Million per occurrence and in the aggregate annually. (Higher Limits available)

DEDUCTIBLE
Parametric Hurricane deductible is the wind speed exceedance deductible. The winds need to hit the predetermined wind speeds to trigger coverage.

PREMIUM
Minimum Premium: $10,000 Rate on Line (RoL) determined by the schedule of locations and wind speed attachments.

TERM
Annual or maximum of a three-year policy.

HOW IT WORKS
Hurricane Parametric utilizes the Maximum Sustained Wind from a specific Calculation Location from the hurricane hardened anemometer (wind measuring meter) network identified in the Insureds policy to determine if coverage is triggered. The Calculation Location(s) is/are selected by the Insured and specified in the Insureds policy. The Maximum Sustained Wind reports at the wind monitoring stations are collected and analyzed by Risk Management Solutions, Inc. (RMS). If during a Named Storm System the measured Maximum Sustained Wind at the selected Calculation Location equals or exceeds the wind speed thresholds identified in the Insureds policy, the corresponding limits purchased are available to indemnify the Insured for the actual loss sustained.

SPECIAL CONDITIONS/DEFINITIONS

A Loss Payment Event is a Covered Event for which RMS has calculated a Maximum Sustained Wind equal to or exceeding the minimum wind speed threshold designated in the Insureds policy.
Claims payments are made upon receipt of a Proof of Loss submitted by the Insured and subject to the Limit of Liability purchased and Tiers triggered. The goal is to make loss payments well ahead of the primary policies.
Hurricane Parametric policy is non-cancellable. The premium is fully earned at inception.

REQUIREMENTS FOR SUBMISSION
Acords, Excel Statement of values, 5-years loss runs