Topa Insurance Co. has formed an exclusive partnership with Assured Risk Cover (ARC) to launch StormPeace, an insurance product in Florida designed to protect insureds from economic loss incurred by a named hurricane and is available through a select network of appointed agents.
Anthony Manzitto, executive vice president & COO of Topa Insurance Group, said the new product will help close the protection gap for consumers and small businesses.
StormPeace provides coverage for losses previously considered uninsurable with no deductible. Only a name and address are needed to purchase a policy; money can be wired to the policyholder’s bank account in the event of a claim. The policy pays out almost immediately following an event – the amount depending on the loss, the strength of the storm and its proximity to the insured address.
Alok Jha, CEO of ARC, said the product is designed to helps residents get back on their feet quickly by providing funds to check into a hotel, pay the deductible on their homeowners policy or pay for repairs such as landscaping and outdoor property.
ARC is a venture-backed Silicon Valley corporation based in Pleasanton, Calif. ARC is founded by a team of catastrophe risk professionals.
Topa Insurance Co. is one of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company based in Calabasas, Calif., which provides wholesale insurance products. Other subsidiaries include Alphyn Universal Insurance Solutions (CA), Dorchester Insurance Co. (USVI), NevPac Reinsurance (BVI), and Topa Insurance Services (USVI).