Vortex Weather Insurance has introduced RainSure, the latest addition in its line of parametric rain insurance products. RainSure differs from Vortex’s existing parametric rain insurance products by offering incremental payouts for every .01 inch of rain up to a .25-inch, .5-inch, or 1-inch threshold selected by the policyholder.
Unlike with 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.
“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.”
Vortex says RainSure is the only parametric escalator rain product on the market. The policyholder can choose from three different versions of the RainSure product, each with a progressive level of payout.
RainSure also provides protection for events that are more severely affected by heavier rain. For example, a light drizzle might not have a significant impact on ticket and vendor sales. However, prolonged heavy rainfall could shut the event down, creating a much larger loss. RainSure offers a higher payout for more significant rainfall.
Rainfall amounts are measured through WeatherWorks, an independent third party. Anything WeatherWorks measures above a “trace” amount (.01 inch) triggers a payout on a RainSure policy.
As with Vortex’s other parametric weather insurance policies, RainSure pays out once the thresholds are met. No inspection or proof of damage or loss needed. If the rainfall hits the policy thresholds, the policy holder receives a check.
Vortex Weather Insurance, doing business as Vortex Insurance Agency. offers weather index insurance products including commercial supplemental hurricane insurance. Vortex provides insurance for outdoor events including fairs and festivals, motorsports, youth sports, pickleball events, professional golf tournaments, golf clubs, outdoor theaters and concerts, haunted houses and holiday light events. Insurance is underwritten by Mitsui Sumitomo Insurance USA, Inc. (MSU), which is admitted in all 50 states has an AM Best rating of A+ (Superior).
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