After more than 35 years in the insurance industry, Porter & Associates is proud to introduce an innovative and cost-effective solution for hurricane coverage: Parametric Hurricane Insurance. This novel approach addresses the limitations of traditional insurance policies by offering faster payouts and broader protection.
Understanding Parametric Hurricane Insurance
Parametric hurricane insurance is designed to cover losses that are typically not addressed by conventional policies or fall below standard deductibles. Unlike traditional insurance, which requires proof of property damage and often involves lengthy claims processes, parametric insurance provides payouts based on predefined parameters, such as wind speed or storm category. This means no deductibles and no need for property damage to qualify for a claim. Claims are typically paid within days of a covered event, offering immediate financial relief.
Key Features and Benefits
Parametric insurance offers several advantages:
- No Deductible: Eliminates out-of-pocket expenses before coverage kicks in.
- Limited Exclusions: Provides broader coverage with fewer limitations.
- Quick Claims Process: Accelerates financial support when it’s needed most.
- Broad Coverage Policy: Protects against a wide range of economic losses, including those not typically covered by traditional insurance.
- Flexible Terms: Offers annual policies with potential multi-year options.
- Reliable Underwriting: Backed by highly rated insurance carriers, ensuring dependable support.
Innovative Trigger Mechanisms
Hurricane PM® employs advanced trigger designs to ensure accurate and fair payouts:
- Proxy Windfield Measurement: Utilizes data from Moody’s HWind to assess 60-second sustained wind speeds during a hurricane.
- Cat-In-A-Circle: Extends coverage based on the highest wind speed or hurricane category recorded within a predefined area, as determined by the National Hurricane Center.
- Highest Payout Principle: When multiple triggers are used, the highest reading determines the payout, ensuring maximum benefit to the insured.
Real-Time Monitoring and Transparency
Policyholders can access real-time hurricane data through the WeatherFlow website or the WindAlert App, allowing them to track wind speeds and storm developments live. This transparency ensures that clients are informed and prepared during hurricane events.
Why Choose Parametric Insurance?
Traditional insurance often comes with high deductibles, numerous exclusions, and prolonged claims processes. Parametric insurance addresses these issues by providing swift, objective payouts based on measurable data, reducing disputes and ensuring timely financial support. This makes it an ideal supplement to existing insurance policies, especially in hurricane-prone areas.
Contact Porter & Associates
Our experienced team is ready to answer your questions and help you explore how parametric insurance can enhance your coverage and provide peace of mind.
Porter & Associates Insurance Agency, Inc. and Porter & Associates Ins Co. LLC
3010 N Military Trail, Suite #310
Boca Raton, FL 33431
Phone: 561.771.8025
Fax: 561.680.2109
www.Porterinsurance.us
Discover the future of hurricane insurance with Porter & Associates.
