The first admitted parametric tornado disaster benefit insurance for homeowners covers up to $15,000 to help pay for immediate out-of-pocket costs and the homeowners insurance deductible.
PRODUCT: Tornado Crisis Insurance.
COMPANIES: Beazley and Spinnaker.
BEST RATING: A and A-
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Beazley has partnered with Sola Technologies and Spinnaker Insurance Company to provide the first admitted parametric tornado disaster benefit insurance for homeowners.
The Tornado Crisis Insurance policy can supplement a comprehensive homeowners or renters policy. As homeowners insurance is increasingly restricting its climate-related coverage, the product can help enhance climate coverage and can be valuable to independent agents.
“Beazley is well known for its focus on ensuring clients have a seamless and stress-free claims process. By applying data and technology, we believe the new Tornado Crisis Insurance product will further improve the situation for policyholders who need a fast claims payment in the aftermath of a tornado," says Neil Kempston, head of incubation underwriting, Beazley. “We are pleased to be supporting this innovative new solution which can help policyholders with the immediate challenges following a tornado."
COVERAGE DETAILS: Sola's add-on Tornado Crisis Policy covers up to $15,000 to help pay for immediate out-of-pocket costs and the homeowners insurance deductible. After a tornado damages property, Sola utilizes National Weather Service data to proactively reach out to policyholders and pay insureds within days.
“Our mission is to help people recover faster," says Wesley Pergament, CEO of Sola. “We are building the first fully data-driven claims process to protect policyholders from the ever-present risk of tornados."
“Sola is paving the way for a new era of insurance products that bridge the payment gaps and delays that sometimes happen with traditional insurance," he adds.
UNDERWRITING: A quote can be provided and bound based on name, email, phone number and street address.
TARGET: Homeowners, including wealthy individuals.
COVERAGE AVAILABILITY: AL, AR, GA, IN, IL, IA, KS, KY, MS, MO, OH, OK, TN, TX and NE.
CONTACT: Wesley Pergament, co-founder and CEO, Sola Insurance; 1075 Peachtree St. NE, Suite 6 #570091, Atlanta, GA 30309.
Will Jones is IA editor-in-chief.