ACE USA has launched a hurricane damage insurance product to provide cover for business losses in hurricane-affected areas, even when no physical damage occurs.
Storm Tracker will provide cover for businesses when a hurricane arrives within a predetermined number of miles of an insured location, said ACE.
It said the product filled the hurricane-related coverage gaps in current property and business interruption policies and could cover the threat from multiple hurricanes during the annual policy term. The product can be structured to cover windstorm deductibles, business interruption and hurricane-related extra expenses.
It said specific rates were available for hurricane-impacted counties on the US eastern seaboard and Gulf Coast, as well as the Caribbean and eastern Canada.
ACE US International Group senior vice president for global weather, Ravi Nathan, said: “Frequently a hurricane will not make landfall or cause property damage, yet it leaves businesses exposed to higher hurricane-preparedness costs.
“In addition, businesses may experience days of lost revenue because consumers are likely to cancel vacations if a hurricane threatens their hotel, casino or resort.
“The Storm Tracker product fills these coverage gaps, covers the windstorm deductible, and helps businesses minimize the financial consequences of an active hurricane season.”
