Sompo International introduces weather-indexed coverageReprints
Sompo International Holdings Ltd. on Wednesday introduced a series of coverages for the real estate and hospitality sectors indexed to weather events.
The coverage, which can be customized to specific exposures, provides deductible buy-down or business interruption coverage for loss of revenue in the event of a catastrophe, a Sompo statement said.
Coverage can be structured as stand-alone policy or as part of an existing program, the statement said.
The coverage, which can cover single or multiple locations is indexed to site-specific weather variables such as temperature, rainfall, snowfall, and windstorms.