Enhanced Hurricane Protection for Puerto Rican Businesses
Lloyd’s coverholder and innovative parametric re/insurance provider, NormanMax Insurance Solutions (NMIS), has announced the expansion of its NMIS Parametric Insurance Platform and Broker Portal to encompass commercial risks in Puerto Rico. This strategic move grants businesses on the island access to robust and efficient hurricane protection solutions, tailored to address the severe challenges posed by the region’s frequent storms.
NMIS’s parametric hurricane insurance model streamlines traditional claims processes by offering rapid payouts, activated by predetermined storm parameters such as sustained wind speeds at specific locations. This process is governed by a simplified proof of loss and an expedited claims procedure, ensuring transparency and efficiency.
Given Puerto Rico’s high vulnerability to hurricanes and tropical storms, securing timely insurance payouts has been a persistent challenge for businesses facing storm-related losses. The primary goals of this expansion include providing swift financial relief to mitigate economic losses immediately following a hurricane, offering quickly responsive coverage, and delivering customizable options that enable brokers to tailor solutions according to client needs.
An added feature of this expansion is the digital quoting and binding capability available directly through the NMIS Broker Portal, which significantly simplifies access to comprehensive coverage.
Mark Groenheide, Chief Revenue Officer at NormanMax Insurance Solutions, remarked, “Expanding our online parametric hurricane insurance to Puerto Rico marks a crucial advancement in bridging the protection gap for businesses operating in high-risk regions. We are devoted to offering commercial policyholders a transparent and efficient alternative for natural disaster protection, facilitating their swift recovery post-storm.“
Brokers can now engage in real-time quoting and binding for Puerto Rico-based commercial risks via the NMIS Parametric Insurance Platform.
In related news, FloodFlash, a parametric flood insurance provider known for its cutting-edge sensor technology, has recently agreed to acquisition terms with NormanMax Insurance Holdings.
