Introduction
Parametric weather insurtech Vortex Insurance has expanded its hurricane insurance program to provide supplemental coverage for all hurricane categories (1-5). This includes fast, automatic payouts, and zero deductibles for businesses along the Gulf and Atlantic coasts, with limits up to $1 million. Higher coverage amounts can also be requested through Vortex agents or insurance producers.
Coverage Details
The first of its kind coverage aims to fill the gaps left behind by traditional property insurance. Vortex Supplemental Hurricane Insurance allows businesses to select their coverage area (a single 30-mile radius or double 30/60-mile radii around their location). If the recorded path of a hurricane enters that zone, the policy triggers a payout.
The coverage makes payments to contribute towards any financial loss including flood, storm surge, wind, and business interruption. It has flexible triggers and allows for multiple payouts. If more than one hurricane crosses the coverage area in the same year, the policy still pays out, subject to limits.
Additional Offerings
Vortex Supplemental Hurricane Insurance is part of the company’s broader suite of parametric weather insurance products, which also includes coverage for sporting events, concerts, fairs, golf tournaments, and seasonal attractions.
Official Statement
Andy Klaus, Vice President of Business Development at Vortex, commented, “This expansion brings real peace of mind to businesses in hurricane-prone areas. Our insurance can be used to reduce increased deductibles, or for flood, storm surge, wind, business interruption—any financial loss. With real-time data, we can get checks in the mail in under 30 days—exactly when businesses need support the most.”
