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Assured Risk Cover Helps Florida Businesses Recover Faster, Launches StormPeace Parametric Insurance for Business

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CLEARWATER, Fla. and PLEASANTON, Calif., July 23, 2018 (GLOBE NEWSWIRE) -- Assured Risk Cover, a pioneer in residential parametric hurricane insurance, today launched a commercial insurance policy for small businesses in Florida under the StormPeace name. The policy contains all the features of the StormPeace residential policy, plus business interruption coverage with or without physical damage.

"With our new commercial product, businesses are protected from loss of income after a hurricane even if their building isn't damaged," says Alok Jha, CEO of Assured Risk Cover. "Business owners told us one of their biggest concerns is loss of revenue so we added business interruption that automatically kicks in whether or not there's physical damage."

Jha continues: "According to the Institute for Business and Home Safety, an estimated 25 percent of businesses don't reopen after a major disaster. StormPeace should be part of every disaster plan because it pays instantly with a simple claims process, which helps a business get back on its feet faster."

Just like its residential policy, StormPeace commercial insurance promptly pays the policyholder an amount calculated on two factors: 1) the strength of a named hurricane, and 2) the storm's distance from the insured's address. Payments are made within 24 to 72 hours and can be applied to virtually any hurricane-related expense, including:

  • Replacement of lost income, with or without property damage
  • Power restoration
  • Data recovery and records restoration
  • Transportation costs – e.g. fuel and maintenance
  • Paying employees and contractors

Business owners can also use their StormPeace payout to cover the deductible on their property policy.

"In my experience as Florida Insurance Commissioner I saw firsthand the impact of business interruption not being covered without physical damage under a traditional commercial policy, so I was pleased to see a product like StormPeace come along because it helps close the hurricane protection gap," says Kevin McCarty, a member of Assured Risk Cover's Board of Advisors. "StormPeace has proven the effectiveness of parametric insurance for individuals and it has a logical application to business as well."

Coverage up to $60,000 or the hurricane deductible, whichever is lower, is available and premiums are based on the coverage and insured's address. For more information and to request a quote, visit www.stormpeace.com or contact your agent.

About Assured Risk Cover
Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, California. ARC is founded by an experienced team of catastrophe risk professionals whose singular vision is to bring immediate financial relief to people globally following catastrophes. Alok Jha (CEO), Kanwal Rekhi (lead investor from Inventus Capital Partners), and Kevin Schrage (former President of Aon Small Commercial Lines) form the Board of Directors of ARC. Kevin McCarty (former Florida Insurance Commissioner) is on the Board of Advisors of ARC. StormPeace is backed by highly rated insurance and reinsurance companies—ranked A- and A+ by A.M. Best, respectively. For more information, visit www.stormpeace.com and www.assuredriskcover.com.

Contact:
John Novaria
john@assuredriskcover.com
310.857.8934

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