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Assured Risk Cover Inc. on Monday said it is launching a small business commercial version of its residential parametric hurricane insurance, StormPeace.
The commercial policy adds business interruption coverage with or without physical damage to the features of the StormPeace residential policy, , the Pleasanton, California-based insurer said in a statement.
Coverage is based on two parameters: the strength of a named hurricane and the storm’s distance from the insured’s address. Limits up to $60,000 or a policyholder’s hurricane deductible, whichever is lower, are available with premiums based on coverage and the insured’s address, the statement said.
Assured Risk said payments are made within 24 to 72 hours and can be applied to virtually any hurricane-related expense, including replacement of lost income with or without property damage, power restoration, data recovery and records restoration, transportation costs such as fuel and maintenance, paying employees and contractors, and the deductible on a property policy.
“Business owners told us one of their biggest concerns is loss of revenue, so we added business interruption that automatically kicks in whether or not there’s physical damage,” Alok Jha, CEO of Assured Risk, said in the statement.
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