Amynta Group announced PDP Group, Inc., its managing general agency focused on providing specialized insurance services and title administration solutions to auto dealerships, lenders and manufacturers, has partnered with Hailsure Underwriting Managers, LLC to provide a parametric hail insurance program for the auto dealer marketplace. Hailsure Underwriting Managers specialize in providing alternative market solutions utilizing parametric insurance.
Richard Duer, managing member of Hailsure, helped to develop the first parametric hail program in 2019 for auto dealers located in the state of Colorado. Starting in 2020, the parametric hail program will partner with five of the leading global insurance carriers expanding coverage capacity to all hail prone states. PDP joins Hailsure as the exclusive broker in the distribution of this program.
“We are excited to partner with Hailsure,” said Chuck Verschoore, vice president of PDP. “The current market for dealer open lot physical damage insurance remains very challenging, as rates and wind / hail aggregate deductible structures continue to increase. This product will provide dealers with an opportunity to improve claims experience and help manage their overall insurance costs.”
Program highlights:
- Provides indemnification for economic damage resulting from an eligible hail event in the following states: Illinois, Indiana, Iowa, Missouri, South Dakota, Wyoming, Oklahoma, Minnesota, Texas, Eastern Colorado, Arkansas, Kansas and Nebraska
- Dealer selects supplemental limit needed to offset economic impact of the underinsured hail exposure
- Integrates two independent data providers, a critical safeguard in parametric insurance
- Recovery amount determined by hail size
- No adjustor involved in the claim process
- Maximum amount of loss is subject to the limit(s) shown on the policy
- Loss payment issued within 15 days of receipt of the proof of loss statement
Links:
Amynta Group
Hailsure
