Named Storm

Parametric Named Storm coverage is an innovative solution to the ever-increasing coverage gap. (Minimum Premium $100,000)
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Overview

As a wholesaler specializing in parametric products, we have access to financially strong carriers providing Named Storm coverage tailored to meet your client’s needs. In the event of a named storm, 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.

Available

All 50 U.S. states

Who can benefit
  • Real Estate
  • Colleges, Universities, and other Educational Institutions
  • Energy, Power, and Utilities
  • Resorts and Hotels
  • Manufacturing
  • Casinos
  • Sports Stadiums
  • Farms and Farm Facilities
  • Business Interruption
  • And Much More!

How it works

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).

An example structure

For informational purposes only. Actual coverage may vary by carrier.
Context

Businesses that operate in hurricane 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 named storm coverage can fill the property loss and business interruption coverage gap for your client.

Contract structure
Client
Commercial Property Developer
location
Florida
peril
Named storm
full limit recovery
$5M
Payouts Based on
Wind Speed and Distance to Storm Track
limit
payout table example
x% for Cat 3 within 30 miles
y% for Cat 4 within 20 miles
z% for Cat 5 within 10 miles
Daily threshold
limit paid at
Payment per category
$333,333.33
time period
Annual
Coverage trigger
Cat 1 | Cat 2 | Cat 3 | Cat 4 | Cat 5
data source
National Hurricane Center
Payout profile

Next steps

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© 2023 Arbol Inc. All rights reserved.

Climate Risk Insurance Solutions LLC, doing business as Arbol Insurance Services, and operating in New York under the name Arbol Insurance Services LLC (“Arbol” or “AIS”) is licensed as a property casualty and surplus lines insurance agency in all states in which insurance is offered and such licenses are necessary to offer this insurance. All descriptions or highlights of the insurance being provided are for general information purposes only, do not address state-specific notice or other requirements, and do not amend, alter, or modify the actual terms or conditions of an insurance policy. Availability and qualification for coverage, terms, rates and discounts may vary by jurisdiction. Our state license numbers can be found here. AIS does not solicit from the public. Any carrier ratings contained herein are as of 7.18.23. A.M. Best ratings are under continual review and subject to change. Current ratings can be found at www.ambest.com.