Parametric is not that complicated. In fact, it simplifies the whole adjustment process compared to messy “open lot” coverage.
Simply put, parametric describes a type of insurance contract that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional indemnity policy.
Hailsure parametric insurance program focuses on supporting Auto Dealers, Solar Companies, and Commercial Real Estate firms in the severe hail and weather prone states. It was founded and managed by insurance professionals with over 100 years combined experience in insurance and risk management consulting.
Richard Duer, Managing Member, designed and helped form the first pilot parametric Colorado auto dealers hail program in 2019. Now, five of the leading global insurance carriers have partnered with us to bring unlimited capacity to the auto dealer parametric hail insurance marketplace. “The past couple years has been very fruitful with the amount of data we have compiled. We even had the hail station manufacturer and data analyzer chase hail storms to bring further credibility to our analytics,” per Richard.
Out specialty insurance coverage is based on specified parameters most commonly related to weather risks. These parametric ‘triggers’ may include: size of hail, speed of wind, lack of or over-abundance of rainfall, and many others. Hailsure’s parametric programs are designed to provide stand-alone coverage or to supplement more traditional insurance coverage where gaps in coverage may exist. Hailsure currently administers industry-specific programs for Auto Dealers, Solar Array Farms, Commercial Real Estate.
Frequently Asked Questions
- Does Hailsure allow me to select a limit of coverage?
- Does Hailsure allow me to select a hail size trigger?
- Will Hailsure work with my current insurance?
YES, claim payment can be used for any economic damage.
- What is the claims process like?
In a word, EASY. There’s no adjuster, and no lengthy adjustment period. Your payment usually takes just 7-10 days!