In the event of a cyclone, eligibility for a loss payment is based on the category of a storm and distance of the storm track to the property location(s). Data used for claims settlement is publicly available from the National Hurricane Center.
Coverage triggers are pre-determined, and loss payments are made based on the category of a storm and distance of the storm track to the property location(s).
Businesses that operate in cyclone-exposed areas are facing higher prices and higher deductibles for their property coverage. On top of that, losses in revenue caused by business interruption are not covered by traditional property insurance. Parametric tropical cyclone coverage can fill the property loss and business interruption coverage gap for your client.
