FAIA Offering Parametric Product to Eligible Members
TALLAHASSEE, Fla. and CLEARWATER, Fla., Jan. 22, 2018 (GLOBE NEWSWIRE) — More Floridians will be able to fully recover from the next hurricane, thanks to The Florida Association of Insurance Agents (FAIA) and Assured Risk Cover (ARC). The FAIA and ARC today announced an agreement that grants FAIA member agents access to StormPeace, a first-of-its-kind policy that pays out-of-pocket expenses not covered by homeowners insurance.
“Often people incur financial hardship paying their hurricane deductible and other storm-related expenses, and StormPeace will help with that,” says Jeff Grady, Director of FAIA. “We’re proud to offer StormPeace to our members so they can in turn offer their customers increased protection and peace of mind.”
StormPeace is parametric insurance that automatically pays eligible policyholders based on the strength of the hurricane and the distance of the property from the storm’s path. The proceeds can be used to pay for things like tree and debris removal, power restoration, replacing spoiled food, repairing or replacing unattached structures and temporary living expenses. Eligible policyholders must attest to the loss amount and furnish proof of loss after they receive StormPeace claims money. Their sworn personal statement also suffices as proof of loss.
“A major catastrophe can be paralyzing and Hurricane Irma proved the value of StormPeace,” says Alok Jha, Founder and CEO of Assured Risk Cover. “Most of our eligible policyholders received payments within one business day and were able to get back on their feet faster.”
Under the agreement, ARC will become an FAIA Preferred Provider and qualified member agents will receive appointments through the Independent Market Solutions platform to quote and bind StormPeace policies. The partnership will greatly increase the availability of StormPeace throughout the state and give those agents a competitive advantage. Agents wishing more information may contact Dave Burt, FAIA vice president and FMS managing director, or call 850-893-4156, ext. 353.
About FAIA Member Services, Inc.
FAIA Member Services (FMS) adds intrinsic value to FAIA membership by offering high-quality, cost-effective products and services, and access to markets. A subsidiary corporation of FAIA, FMS and its agent-led board of directors monitors existing programs and seeks out companies willing to provide the FAIA members high-quality, cost-effective products and services, as well as access to markets.
The Florida Association of Insurance Agents is a nonprofit state trade association of insurance agencies affiliated with the Independent Insurance Agents and Brokers of America, Inc., and 18 local boards throughout Florida.
The association—the central source of information for nearly 2,000 independent property and casualty agency members, employing close to 25,000 licensees—is dedicated to enhancing the independent agency system through education legislation, communication, and member services.
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. 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.