Weather insurance FAQ
Vortex Weather Insurance
Frequently Asked Questions
Weather insurance is a risk management product which helps protect businesses from lost revenue or increased expenses caused by adverse or abnormal weather, e.g., excessive rain, snow, heat. Policies are written explicitly for a business’ weather risk. Duration of coverage and limits are tailored to a business’ needs.
Weather insurance premiums are based on the probability of occurrence and are determined using historical weather data. Variances in geography, time of day, time of year, and amount of historical data available all play a role in determining the premium amount under any weather insurance policy.
This weather insurance product is only available for purchase by businesses, government entities, or nonprofit organizations and is not available to individuals at this time.
Weather is measured using data from the National Oceanic and Atmospheric Administration (NOAA) entities such as the National Weather Service. Additionally, measurements can be made by an approved independent observer.
The availability of hourly reporting for temperature is varied, but daily measurements are available; thus, policies to help protect against temperature-related risks are written to utilize this available data. Rain is uniformly measured hourly by NOAA entities; therefore, policies to help protect against precipitation related risk can be written on an hourly basis.
Weather data is typically available eight days after the risk period
For policies using a primary weather station, the secondary station listed in your policy becomes the default when weather data is not available from the primary station.
If you believe a weather event has triggered your policy, please contact 866-997-2469 within 30 days after the insured event to report a loss. There are no claim forms to be completed. Once you report the loss, claim payment will be determined using National Weather Service data or approved independent weather data as stated in your policy.
When the conditions of a policy are met, and a claim is made, payments are typically received within two weeks. Payments are received no later than 30 days after supporting weather data for a claim is received.
We do not insure tornadoes, hurricanes, or other catastrophic weather events at this time.
In some cases, Vortex insurance products are subject to required minimum premium amounts by state regulations. We regret this inconvenience, but suggest that if you are interested in purchasing a product (rain coverage level) that is not shown as available that you consider increasing your requested coverage amount (this will increase the premium). Another alternative is to simply contact a Vortex Insurance agent to discuss options for how minimum premium can be reached. We would be happy to assist you.
Vortex insurance products are priced as a function of the probability of the covered event occurring. In some locations, or at certain times of the year, rainfall may occur infrequently resulting in cases where the probabilities of .25" and .5" of rain are equal. The Vortex RainIQ function is a simple tool designed to offer quick and easy access to weather insurance quotations, and does not include additional features to distinguish these situations. If you have questions about this result, please contact a Vortex Insurance Agent. We would be happy to assist you.
Weather insurance policies may insure for rain, lack of rain, snow, lack of snow, temperature, or a combination of these.
Vortex only offers weather insurance at this time
Weather insurance must be purchased 15 days before the first day of the coverage period for the policy.
Yes, policies can include a combination of measurable weather perils. For instance, a race director for a marathon may purchase a single policy to insure rainfall OR excessive heat. For more information regarding multiple peril policies, please call us direct at 866-997-2469.
A business will want to determine the hours when adverse weather will most negatively affect sales—this could be for just a couple hours, during the entire event, or for multiple days. Insured hours should help protect an event during its most financially vulnerable hours.
A business may choose to insure an event for as little as two hours, as long as several months, or even a year.
Weather insurance is frequently used to insure events like fairs and festivals, concerts, races, and other sporting events, as well as outdoor venues. Additionally, weather insurance is used to help protect the financial interests of restaurants, retailers, and other businesses against the adverse effects of weather.
For any other questions or additional assistance, please call 866-997-2469 or email email@example.com