NormanMax Insurance Solutions (NMIS) has expanded its parametric hurricane insurance to cover commercial risks in Puerto Rico, providing rapid payouts and customized options. This addresses the urgent need for timely insurance solutions for businesses vulnerable to hurricanes, enabling quicker recovery post-storm. Brokers can now access real-time quotes through the NMIS Broker Portal, enhancing overall coverage accessibility.
NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder and provider of parametric re/insurance solutions, has expanded its services to include commercial risks in Puerto Rico. This initiative enhances access to timely and efficient hurricane coverage for businesses on the island, recognizing the specific challenges associated with severe storms in the area.
NMIS’s parametric hurricane insurance offers significant benefits by minimizing traditional claims processing delays. By establishing predetermined storm parameters, such as sustained wind speeds at designated locations, the insurance provides prompt and transparent payouts with a simplified proof of loss and a streamlined claims process.
Given Puerto Rico’s high vulnerability to hurricanes and tropical storms, timely insurance payouts for storm-related damages have been a persistent issue. The expansion aims to deliver rapid payments that mitigate economic losses immediately following a hurricane, as well as customizable coverage options tailored to brokers’ client needs. Additionally, the NMIS Broker Portal will facilitate digital quoting and binding, enhancing access to coverage.
Mark Groenheide, Chief Revenue Officer at NMIS, remarked on the significance of this expansion, stating that it is a crucial step in addressing the protection gap faced by businesses in high-risk areas. Furthermore, he emphasized NMIS’s dedication to providing commercial policyholders with an efficient alternative for disaster protection, enabling a quicker recovery post-storm. Brokers can now utilize real-time quoting and binding for Puerto Rico-based commercial risks through the NMIS Parametric Insurance Platform.
In related news, FloodFlash, a parametric flood insurance provider known for its sensor technology, has agreed to be acquired by NormanMax Insurance Holdings, further expanding the capabilities of NMIS in managing insurance risks.
The expansion of NMIS’s hurricane parametric insurance to Puerto Rico signifies a vital advancement in providing commercial entities with necessary protection against severe storms. By streamlining claims and enhancing payment timings, NMIS addresses the pressing challenges faced by businesses in high-risk areas. This initiative represents a commitment to facilitating quicker recoveries post-disaster and improving overall economic resilience for Puerto Rico’s commercial sector.
Original Source: www.reinsurancene.ws
