Parametric Hurricane & Typhoon Insurance
Protect you and your clients from the impact of hurricanes and typhoons with our innovative parametric insurance. No more waiting for damage assessments, haggling over claims, or lengthy litigation battles - payouts are triggered by the size and severity of a storm.
What is Parametric Hurricane & Typhoon Insurance?
Parametric hurricane and typhoon insurance is a type of coverage that pays out a predetermined amount based on specific triggers selected by the insured – windspeed and the size of the storm. Unlike traditional insurance, whose payout process requires high deductibles, a lengthy claims process, and adversarial parties - parametric insurance operates differently.
Because parametric hurricane & typhoon insurance payouts are based solely on the size and severity of the storm, it has a rapid claims process in the aftermath of a storm – think weeks, not months or years. The best part? There is no limit on what the insured can do with the parametric payout, meaning the insured can focus on what matters most after a storm.
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How Does Parametric Hurricane or Typhoon Insurance Work?
1. A Hurricane or Typhoon Begins Formation
An approved meteorological service declares a Named Storm – for example, the National Weather Service.
2. The Insured Sustains Losses
A named storm causes losses – physical and/or economic – to the insured. The insured then submits a claim using the Proof of Loss form located within their policy documents.
3. Parametric Coverage Triggers
NormanMax receives an event report, compiled by a third-party data provider, detailing the track and associated windspeeds of a storm. If the predefined triggers are met, policyholders receive immediate payouts without the need for a lengthy claims process.
4. The Insured is Paid
The policy provides the amount of coverage available to pay the insured’s claims, based on the highest payout available within the Policy and the losses stated in the Proof of Loss form.
Key Benefits Parametric Insurance
Effortless Claims
Parametric insurance removes the need for complicated claims processes, saving you and your clients time and frustration.
Rapid Payouts
Get the financial support you and your clients need quickly and efficiently after a storm occurs, with no limitations on how the insured can utilize the payout.
Transparency
Payouts are based on objective weather parameters, verified by a reputable third-party, ensuring fairness and transparency for the insured.
Providing Coverage Where Others Avoid
NormanMax’s unique parametric solutions allow for coverage to be placed in areas underinsured or avoided by traditional insurance markets – without the need for high deductibles.
Coverage & Policy Options
Residential
Protects homes and personal belongings.
Business
Safeguards assets, inventory, and revenue.
Infrastructure
Covers critical infrastructure like power plants and public facilities.