US-based New Paradigm Underwriters has introduced a new Hurricane PM supplemental windstorm insurance product, which is designed to protect property and businesses from the probable losses caused by hurricanes.
The new hurricane product is said to offer affordable first dollar protection for almost any economic loss as a result of a named storm meeting or exceeding a pre-determined sustained wind speed in specific pre-determined locations.
New Paradigm Underwriters president and CEO Evan Glassman said: "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.
"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."
New Paradigm has signed a deal with weather measurement provider Weatherflow, under which the firm will use exclusive data from its network of about 100 hurricane-hardened wind monitoring stations located in key coastal areas to provide the new product to the customers.
Hurricane PM will provide coverage for losses below traditional insurance deductibles, as well as business interruption and lost profits, including lost or reduced business in the days leading up to and following the storm.
It also offers coverage for losses from items excluded by traditional policies and will also facilitate loss payments within days or weeks of the named storm rather than waiting for months or even years.
Image: New Paradigm’s hurricane supplemental windstorm insurance product will protect property and businesses from the probable losses caused by hurricanes. Photo: courtesy of mapichai/ FreeDigitalPhotos.net.