The destructive power of hailstorms is often underestimated, yet a single storm is often sufficient to wipe out an entire harvest or cause significant damage to vehicles. As the economic damage from hailstorms continues to rise, businesses are seeing a sharp increase in their hail insurance deductibles and premiums
AXA Climate’s HAIL Protection, powered by Understory’s high-precision weather stations, offers flexible and cost-effective coverage. There are no claims adjusters, no financial deductibles and payout occurs quickly after a damaging storm.
How does it work?
Customize : you select payout limits and hail size options to customize the policy to your needs, and we install an Understory weather station to monitor the insured area
Measure : whenever a storm hits, the weather stations detect and analyze the storm’s unique fingerprint
Payout : if the storm produces hail stones large enough to trigger your policy, we alert you right away and payout quickly, with no adjusters involved
Data we will need from you:
- Details of the current hail coverage (insured value, deductible, limit, premium)
- Coverage limit requested per site
- Surface area per site
- Historical losses
Parametric cover for a car dealership in the USA
With a large number of exposed vehicles and a high risk for hail, a car dealership was looking for a solution to help recover losses from decreased car value and building damage following a hailstorm.
Pain point: The dealership’s traditional coverage included high deductibles and several exclusions.
Our hail parametric insurance policy covers this car dealership, using a specific weather station for hail installed on site.
There is no deductible, no exclusion and a fast payout in case of hail storm.
In 2019, a hailstorm passed over the insured dealership and the weather station recorded hail in excess of 3.8 cm, which triggered the policy.
The client received a rapid payout and was able to recover quickly from the storm, filling in the gaps in the client’s traditional insurance policy.