Vortex unveils new escalator rain coverage backed by Mitsui Sumitomo capacity

By Chris Munro

Aug 14 - (The Insurer) - Vortex Weather Insurance has added a new product to its suite of parametric rain coverages with its new escalator protection offering different payouts based on pre-agreed triggers decided upon by the buyer.

Called RainSure, the product differs from Vortex’s existing protections in that it offers incremental payouts for every .01 inches of rain up to a .25-inch, .5-inch or 1-inch threshold selected by the policyholder.

“The biggest benefit of an escalator rain insurance policy like RainSure is that unlike traditional rain insurance policies, which only pay out when the rainfall amount meets or exceeds a certain threshold, a RainSure policyholder receives a payment for any recorded precipitation starting at .01 inches,” explained Vortex.

As with Vortex’s other insurance products, capacity for the new RainSure offering is provided by AM Best A-plus rated Mitsui Sumitomo Insurance USA.

Described by Vortex as “the only parametric escalator rain product on the market”, the insurtech MGA said RainSure provides quick and easy payouts to customers.

“RainSure helps protect your event from any amount of rain, even small amounts,” said Andy Klaus, lead weather index insurance producer for Vortex.

“No more worrying about whether the rainfall that is creating losses will be enough to trigger a payout. If it's just one one-hundredth of an inch, you get paid,” Klaus added.

Rainfall amounts are assessed through WeatherWorks, an independent third party that has over 20 years of experience in measuring rainfall.