Neptune adds parametric earthquake coverage via acquisition
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Neptune Flood Inc. said Monday it has added parametric earthquake coverage to its portfolio with the acquisition of Oakland, California-based insurtech broker Jumpstart Insurance Solutions Inc.
Terms of the transaction were not disclosed.
Unlike traditional earthquake insurance, Jumpstart’s parametric coverage provides a set payout amount based on quake intensity, rather than the cost of damage, with up to $20,000 available for small businesses.
Neptune’s agent network in California, Oregon and Washington will have access to Jumpstart coverages in the coming weeks through its agent portal, the St. Petersburg, Florida-based insurtech said in a statement.
