Madison, Wis.-based Understory, which offers parametric insurance for severe weather risks, has launched its supplemental hail insurance product for automotive dealers in five new states: Arizona; New Mexico; Ohio; Pennsylvania and Wyoming.
Auto – Hail Safe from Understory allows automotive dealers to protect their vehicles from the rising cost of hailstorm damage. Supported by the international weather risk insurance company, MSI GuaranteedWeather, Auto – Hail Safe provides customizable, cost-effective pricing, no financial deductibles and quick, predictable payouts when a damaging storm strikes.
Originally launched in November 2019, Auto – Hail Safe is now available to dealerships in a total of 17 states,including: Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, and Wisconsin.
Auto – Hail Safe simplifies typical insurance complexities for auto dealers. First, a dealer chooses from different tiers of coverage depending on the desired payout and storm severity. Next, Understory will install and maintain a Dot sensor on each policy holder’s dealership to provide precise weather measurements. When hail reaches the conditions agreed upon in the policy, the sensor will activate claims to the insured, without the need for any paperwork or lengthy claims process.
Auto – Hail Safe from Understory can be used to cover a wide range of economic damage an auto dealer might experience, including vehicles, roofs, property loss, revenue loss, advertising, and other expenses.
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