The Florida Association of Insurance Agents (FAIA) and Assured Risk Cover (ARC) have formed an agreement that grants FAIA member agents access to the StormPeace parametric insurance product that pays out-of-pocket expenses not covered by homeowners insurance.
StormPeace automatically pays eligible policyholders based on the strength of the hurricane and the distance of the property from the storm’s path. The proceeds can be used to pay for things like tree and debris removal, power restoration, replacing spoiled food, repairing or replacing unattached structures and temporary living expenses. Eligible policyholders must attest to the loss amount and furnish proof of loss after they receive StormPeace claims money. Their sworn personal statement also suffices as proof of loss.
The product was launched last year by ARC, with carrier backing from Topa Insurance Co., and underwent its first test after Hurricane Irma, which hit Florida in September.
According to Alok Jha, founder and CEO of Assured Risk Cover, after Irma most eligible StormPeace policyholders received payments within one business day of attesting to a loss.
Under the agreement, ARC will become an FAIA Preferred Provider and qualified member agents will receive appointments through the Independent Market Solutions platform to quote and bind StormPeace policies. The partnership will greatly increase the availability of StormPeace throughout the state.
FAIA Member Services (FMS), a subsidiary corporation of FAIA, offers products and services, and access to markets. FAIA is a nonprofit state trade association of insurance agencies affiliated with the Independent Insurance Agents and Brokers of America, Inc., and 18 local boards throughout Florida. The association represents nearly 2,000 independent property and casualty agency members, employing close to 25,000 licensees.
Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, Calif. founded by catastrophe risk professionals.
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