Ann Mullen
President at Mullen Insurance Agency, Inc. - Garland, Texas
New Hail Insurance Coverage for Auto Dealers
Based on our ringing phone, our access to the new Auto-Hail Safe insurance product has gotten the attention of a lot of Texas Auto Dealers. So much so, that I decided a brief informational website article might be of help to all independent auto dealers.
This policy is the first ever parametric hail insurance policy with immediate hail storm payouts, no deductibles and with benefits available to the insured to use as they determine most appropriate.
Too good to be true? That was my first reaction as well.
And my first question was not how does it work, but rather who is the insurer? The company backing any new insurance product – any insurance product, for that matter- is the determining factor for me as to whether I care to hear any more.
The answer fostered my interest in the product details. Mitsui Sumitomo Insurance USA, Inc and Hannover Re provide the financial foundation for the product and will issue their policies via Vortex Insurance, a subsidiary admitted in all 50 states.
MSI and Hannover Re, the fourth largest reinsurer in the world, enjoy A+ Ratings from AM Best and are providing $600,000,000 to the program for 2020.
How does an Auto Safe Hail Insurance Policy work?
Enough said for me! How does the product work? I got a lot of explanations from crop insurance comparisons to lottery windfalls – depending on with whom I was talking!
Perhaps the easiest and most articulate explanation for me came from a fellow agent who sells life insurance, i.e. this product works like life insurance in that the insured purchases insurance benefits to be paid as a result of a specific event – a hail storm that meets identifiable conditions at a named location during the policy term.
When that hail storm occurs, the policy is triggered and the beneficiary (the named insured) receives a check.
There are no claims adjusters. There are no deductibles. There is only a policy-described event triggering a policy payout.
Real Data and Real Results When Hail Damage Occurs
The ‘Auto-Hail Safe’ product we are marketing is powered by Understory, based in Madison, Wisconsin. Understory is turning the insurance industry on its ear by having developed the most extensive and accurate weather database to date.
They developed the sensors installed at the locations listed on the dealers’ hail contracts. These individual weather stations –in real time- track conditions, gather data and form the basis of accurately reflecting the risks and triggers. I encourage you to visit Understory’s website: www.understoryweather.com
In short, this product is not cheap, but its pricing is based on real data and real results.
How to Get An Auto-Safe Hail Insurance Quote
As always, I appreciate the opportunity of discussing insurance coverages with you. Please call, e-mail or fax to me your insurance questions and concerns. amullen@mulleninsurance.com
If you’d like additional information on insurance for your business including Auto-Safe Hail Insurance or you’d like to request a quote for your business, please visit http://6j7.222.myftpupload.com/#hail-insurance or give us a call at 972-681-6297.
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