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Fort Lauderdale, Florida-based managing general agency New Paradigm Underwriters L.L.C. has introduced a risk transfer solution: Hurricane PM protects property and businesses from financial losses caused by hurricanes.
For Hurricane PM, New Paradigm and weather measurement provider Scotts Valley, California-based Weatherflow Inc. use data from Weatherflow's network of wind monitoring stations. The network registers the maximum wind speed during a storm, and the data are collected and certified by Knoxville, Tennessee-based catastrophe risk modeler Risk Management Solutions Inc., according to a New Paradigm statement.
Hurricane PM provides coverage for losses less than typical insurance deductibles, lost profits, business interruptions and losses from items that are not usually included in policies such as outdoor structures, such as landscaping, according to the statement issued Monday.
Coverage starts at $100,000, according to Evan Glassman, president and CEO of New Paradigm Underwriters.
“There's a tremendous disconnect between the true economic needs of recovery for property owners, public entities and businesses versus the protection typically provided to them under traditional insurance policies,” said Mr. Glassman in a statement. “Hurricane PM is now available to complement the traditional, indemnity-based coverages available in the insurance market to enable a more complete solution to the losses caused by hurricanes.”
A federal appeals court has upheld a $22.5 million jury award to an energy company in a dispute with its surplus lines insurer.