NormanMax Insurance Solutions Extends Coverage to Puerto Rican Commercial Risks
Lloyd’s coverholder and a leading parametric re/insurance solutions provider, NormanMax Insurance Solutions (NMIS), has made a significant move by extending its NMIS Parametric Insurance Platform and Broker Portal to encompass commercial risks in Puerto Rico. This strategic expansion empowers businesses on the island, offering them reliable and efficient hurricane protection tailored to the challenges posed by severe storms in the region.
NMIS’s parametric hurricane insurance offers a cutting-edge solution by minimizing, and at times eliminating, traditional claims processing delays. It does so through rapid, transparent payouts that are activated by pre-defined storm parameters, such as sustained wind speeds at a specific location, subject to a simplified proof of loss and a streamlined claims process.
Puerto Rico’s heightened vulnerability to hurricanes and tropical storms has historically posed challenges, particularly in securing timely insurance payouts for storm-induced losses. This expansion aims to provide swift financial relief to help mitigate immediate economic setbacks post-hurricane, offering coverage that promptly responds to these losses with customizable options. This allows brokers to tailor solutions to meet client-specific needs.
Additionally, the NMIS Broker Portal now features digital quoting and binding, simplifying the process of obtaining coverage. Mark Groenheide, Chief Revenue Officer at NormanMax Insurance Solutions, emphasized, “Expanding our online parametric hurricane insurance to Puerto Rico is a crucial step in bridging the protection gap for businesses in high-risk areas. We are dedicated to offering commercial policyholders a transparent and efficient alternative to address the natural disaster protection gap for hurricanes, enabling them to recover swiftly after a storm.”
Brokers can now effortlessly access real-time quoting and binding for Puerto Rican commercial risks through the NMIS Parametric Insurance Platform.
In related news, FloodFlash, the parametric flood insurance provider known for its innovative sensor technology, has recently agreed to acquisition terms with NormanMax Insurance Holdings.
