US-based catastrophe insurer Palomar Specialty Insurance has collaborated with TriCoast Insurance Services to provide its residential windstorm-hurricane insurance product in Hawaii.
The insurance product is meant for homeowners, rental dwellings and condo unit-owners, with higher limits up to $10m of total insured values.
Palomar Specialty Insurance CEO Mac Armstrong said: "Palomar and TriCoast have significant experience in Hawaii and with underwriting and evaluating hurricane and catastrophic risk broadly.
"The higher available limit, flexible coverage options and easy to use platform provided by Palomar result in a truly differentiated product for policyholders."
The stand-alone hurricane product comprises separate limits for dwelling with optional coverages for other structures, personal property and loss of use coverage, as per the customer’s needs, budget and risk tolerance.
Provided through local independent agents, the product deductibles range is from 1% to 15%.
Last month, Palomar collaborated with Wellington Risk Insurance Agency to provide wind-exposed residential property insurance in Tier II counties in Texas.
Palomar provuides insurance for earthquake, hurricane and wind-exposed multi-peril homeowners and business in catastrophe-exposed states such as California, Oregon, Washington and Texas, and is an admitted carrier in 17 states.
Image: Palomar and TriCoast partner to provide windstorm-hurricane insurance product in Hawaii. Photo: courtesy of Victor Habbick/ FreeDigitalPhotos.net.