Beazley’s new policy will cover the deductible and immediate expenses. Credit: Jan Mallander from Pixabay.

Specialty insurance and reinsurance company Beazley, in partnership with Sola Technologies and Spinnaker Insurance Company, has launched a tornado disaster benefit insurance product, named Tornado Crisis Insurance.

By leveraging the US’s National Weather Service (NWS) data, Tornado Crisis Insurance can initiate a fast and straightforward claims process, automatically.

Related Company Profiles

View all

The NWS will confirm the path and severity along the path, based on the Enhanced Fujita (EF) scale of a tornado, which then acts as an activator to generate payments.

Unlike standard insurance policies that could take a long time to pay out, Sola intends to pay the disaster benefit to the policyholders as soon as possible after the incident.

Beazley incubation underwriting head Neil Kempston said: “By applying data and technology, we believe the new Tornado Crisis Insurance product will further improve the situation for policyholders who need a fast claims payment in the aftermath of a tornado.

“We are pleased to be supporting this innovative new solution which can help policyholders with the immediate challenges following a tornado.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

With limits of up to $15,000, the policy will cover the deductible and immediate expenses.

Beazley currently offers the product in 15 states across the Midwest and South-East US and plans to expand the coverage in the future.

Sola Wesley Pergament CEO said: “We are building the first fully data-driven claims process to protect policyholders from the ever-present risk of tornados. Sola is paving the way for a new era of insurance products that bridges the payment gaps and delays that sometimes happen with traditional insurance.”