Unlike traditional property-casualty insurance, parametric policies typically don’t have exclusions, deductibles or require adjusters to assess damage. Because payouts are triggered by a discrete event, the payouts can happen almost immediately.One of those firms is Silicon Valley-based Assured Risk Cover, which offers a product called StormPeace that provides insurance coverage for hurricanes in Florida.
Assured Risk Cover is a five year old company that sells a parametric hurricane insurance policy in Florida. Founder and CEO Alok Jha says his company can help pay for damage to a home, but also out-of-pocket costs, evacua-tion costs, food spoilage and generator rentals. The policy, marketed under the name "Storm Peace," has no deductible. It provides coverage up to $60,000 and bases payouts on a hurri-cane's strength and the home's distance from the storm.
Last Wednesday, as Michael roared toward Mexico Beach, StormPeace notified its policyholders in the Panhandle of the storm’s proximity, and Friday notified eligible policyholders that they were due for a payout and how much they had coming to them. All they have to do is attest, and StormPeace will electronically transfer the money to their bank accounts. read more...
StormPeace customers, says Assured Risk Cover CEO Alok Jha, get payment almost instantly, with values based on the strength of a hurricane and the distance from your property. “Last year after Hurricane Irma, Assured Risk Cover paid 100% of eligible claims,” says Jha, “and 98% of these claims were paid within three business days, most within one business day.” read more...
Now, new insurance coverage has emerged in Florida that reimburses out-of-pocket expenses not covered by traditional insurance. It’s called StormPeace, and it promises to wire money to policyholders' bank accounts within 72 hours after storms with no inspections, no adjusters, and no deductible. Then, customers have 45 days to submit proof of receipts, contractor estimates, etc. The stronger and closer the hurricane is to your home, the higher the payment is to customers. read more
StormPeace costs just a few dollars a day, which is a bargain. Is your homeowners deductible pretty steep because you need to keep your premium affordable? No worries. Use your StormPeace money to pay your homeowners deductible and start rebuilding faster. read more
A new insurance product has emerged in Florida that reimburses out-of-pocket expenses not covered by traditional insurance. Called StormPeace, it’s offered by a company, Assured Risk Cover, that promises to wire money to policyholders’ bank accounts within 72 hours after storms with no inspections, no adjusters and no deductible. read more
Assured Risk Cover is licensed with the Florida Office of Insurance Regulation to sell StormPeace hurricane insurance. The company is gearing up for its second hurricane season, providing policies that pay out automatically and instantly based on the strength of the named hurricane and its distance from the insured’s property. StormPeace covers expenses that are excluded by a traditional Homeowners policy and can be used to even satisfy the hurricane deductible. read more
Get Ready, Florida! (2018) gives viewers a look at the damage and destruction wrought by the record-breaking 2017 Atlantic hurricane season while offering tips to prepare Floridians and their families for the 2018 season. Hurricane and industry experts offer practical advice on everything from buying insurance to installing impact-resistant windows in an enlightening and educational television special that asks viewers, “When the next hurricane strikes, will you be ready? read more
GuideWell Insurance Agency, an exclusive property and casualty agency for Florida Blue health plan members, will offer StormPeace, a supplemental hurricane policy from Assured Risk Cover that provides coverage of losses and expenses not covered by traditional homeowners insurance. read more
StormPeace is supplemental insurance that automatically pays a fixed amount based on the strength of the hurricane and its distance from the insured’s property. There’s no claims process and payments are made within three days – most within one day. read more
The Florida Association of Insurance Agents (FAIA) and Assured Risk Cover (ARC) have formed an agreement that grants FAIA member agents access to the StormPeace parametric insurance product that pays out-of-pocket expenses not covered by homeowners insurance. read more
More Floridians will be able to fully recover from the next hurricane, thanks to The Florida Association of Insurance Agents (FAIA) and Assured Risk Cover (ARC). The FAIA and ARC today announced an agreement that grants FAIA member agents access to StormPeace, a first-of-its-kind policy that pays out-of-pocket expenses not covered by homeowners insurance. read more
“Homeowners insurance typically covers damage to your home and personal belongings, and living expenses while your home is being rebuilt,” said Alok Jha, Assured Risk Cover chief executive officer. “Homeowners can purchase special insurance to fill the gaps that their homeowners’ insurance doesn’t cover, but only if they realize those gaps exist.read more
The StormPeace product uses mobile technology to alert costumers in declared storm areas so they be paid right away for evacuation costs or damage to their homes. “This product has no exclusions and pays promptly after a hurricane,” Jha said. read more
Alok Jah, chief executive officer of Assured Risk Cover, said the company’s StormPeace coverage paid nearly all of its claims from Hurricane Irma within days. read more
Alok Jha, chief executive officer of Assured Risk Cover, said in an A.M. BestTV interview that the company's StormPeace coverage paid nearly all of its claims from Hurricane Irma within days. read more
StormPeace is parametric insurance, which means there's an easy claims process. Policyholders receive payment based on the strength of the hurricane and distance of the hurricane track at its closest point from their property. read more
Topa Insurance Co., based in California, launched a product earlier this year with ARC called StormPeace that offers reimbursement expenses of $1,000 up to $15,000 for clients that suffer hurricane damage
In the event of a large storm, the company reaches out to policyholders in the area via text or email asking if they have been affected and have storm-related expenses, whether it be to fix damage to their home or evacuation costs. If the policyholder says yes, money is then sent to the customer’s bank account. read more
Hurricane Andrew: The 20 miles that saved Miami.
StormPeace is a recent entry in the parametric homeowners’ insurance space, offering policies that utilize hurricane intensity and mobile technology to determine and alert consumers about claims payments.
These claims payments can be put towards a variety of costs, such as hotel stays post-event and lawn-debris cleanup. read more...
StormPeace policies pay out immediately after ahurricane, bridging the gap between when the damage occurs and when a homeowner’s insurance claim pays out.
Payments are based on three factors—strength of the hurricane, the distance between the insured property and the closest point of the hurricane, and the actual loss to the policyholder. read more
Recognizing that parametric insurance has brought a level of stability to developing economies, Assured Risk Cover, an investor-funded Silicon Valley-based startup, set out to design a parametric hurricane policy for the U.S. market. Whether it’s a landslide in Guatemala or a hurricane in Florida, the emotional toll is the same: The first 24 to 48 hours after a catastrophe are stressful for residents. An effective way to help reduce the stress (emotional and financial) is to provide quick access to funds that assist in covering what’s excluded from a Homeowners policy. read more
The 2017 Atlantic Hurricane Season officially begins June 1st.
For Floridians, hurricane season can bring months of anxiety over if/when the next hurricane will hit.
But there is a new form of insurance available to give homeowners peace of mind.read more
The latest Swiss Re sigma report reveals a global protection gap of USD 121 billion. Little by little, insurance is helping narrow that gap in places like Guatemala and central Africa. It goes into the world’s most remote areas where even electricity and safe drinking water are scarce and helps farmers and business owners maintain their standard of living through drought, flood and other disasters. Insurance is an adaptable and durable concept—a model that’s easily transferred between industries and economies.read more
Dealing with the stress of a hurricane can be overwhelming, especially in the first 24 to 48 hours. Now there's insurance to help residents pay to clear fallen trees and get the power back on -- even pay their homeowners deductible.
StormPeace™ is an innovative insurance product that protects from losses not covered by a homeowners or renters policy.
Starting today, StormPeace is available online and buying a policy is simple. Visit stormpeace.com and fill out an application in 1-2 minutes. read more
Purchase requires just name and address, and claims are paid within 48 hours via electronic deposit in the case of a loss associated with a storm of given strength and proximity. read more
Assured Risk Cover (ARC) is marketing a new parametric hurricane insurance cover to Floridian buyers. The Insurance Journal reported that the StormPeace product has been launched by the group, using insurance paper from Topa Insurance Company.It has backing from a top five global reinsurer with ratings of A+ from AM Best and AA- from Standard & Poor's. read more
The company launched its product in Florida, because the state is heavily regulated, and if it could pass muster here, it could win approval in other states. read more
Contractors can expect more work and money in their pocket with less delay because of a new insurance product that pays out quickly after a hurricane. StormPeace™ is an insurance policy that will pay for repairs that are normally uninsured. read more
Topa Insurance Co. has formed an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace, an insurance product in Florida designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents. read more
Topa Insurance has announced an exclusive partnership with Assured Risk Cover (ARC) to provide a product named StormPeace, which offers cover for hurricane victims in Florida.
According to a company statement, the product covers economic losses arising from a named hurricane and will be made available through a network of select agents. read more
Topa Insurance Company today announced an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace™, an innovative insurance product in Florida. StormPeace is designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents. read more
Topa Insurance Company today announced an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace™, an innovative insurance product in Florida. StormPeace is designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents. read more
Topa Insurance Company today announced an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace™, an innovative insurance product in Florida. StormPeace is designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents. read more
