MADISON, Wis., Feb. 13, 2020 /PRNewswire/ -- Understory, the first company to successfully offer parametric insurance for severe weather risks, has launched its supplemental hail insurance product for automotive dealers in five new states: Arizona, New Mexico, Ohio, Pennsylvania and Wyoming.
Auto – Hail Safe from Understory is the first-ever parametric hail insurance product that allows automotive dealers to protect their vehicles from the rising cost of hail storm damage. Supported by the international weather risk insurance company, MSI GuaranteedWeather, Auto – Hail Safe provides customizable, cost-effective pricing, no financial deductibles and quick, predictable payouts when a damaging storm strikes. Originally launched in November 2019, Auto – Hail Safe is now available to dealerships in a total of 17 states, including: Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, and Wisconsin.
Severe weather causes billions of dollars of property damage each year, and hail is one of many weather perils that has turned into a costly hazard. A single hailstorm can cause millions of dollars in damages to an auto dealer's inventory. Climate-vulnerable industries such as retail automotive rely on insurance to recover quickly after severe weather has occurred, yet traditional policies are becoming increasingly unaffordable or unobtainable for thousands of dealerships across the country.
"We're excited to expand the reach of Auto – Hail Safe into these five new states and offer a lifeline to auto dealers, whose businesses are increasingly impacted by hail storm damage," said Alex Kubicek, Understory co-founder and CEO. "Traditional policies are no longer enough. Auto – Hail Safe allows dealers to supplement their risk management approach and bounce back quickly from a hail storm without the hassle of a lengthy claims processes or unmanageable financial deductibles."
Auto – Hail Safe simplifies typical insurance complexities for auto dealers. First, a dealer chooses from different tiers of coverage depending on the desired payout and storm severity. Next, Understory will install and maintain a Dot sensor on each policy holder's dealership to provide precise weather measurements. When hail reaches the conditions agreed upon in the policy, the sensor will activate claims to the insured, without the need for any paperwork or lengthy claims process. Auto – Hail Safe from Understory can be used to cover a wide range of economic damage an auto dealer might experience, including vehicles, roofs, property loss, revenue loss, advertising, and other expenses.
Automotive dealers can learn more about Auto – Hail Safe and receive a free quote by visiting Understory at NADA booth #1735C or online at www.understoryweather.com.
Understory, based in Madison, Wisconsin, is the first company with proprietary sensors to successfully offer parametric insurance products covering severe weather risks like hail. Understory's unprecedented, ground-truth data for rainfall, hail, and wind delivered by its accurate, maintenance-free, and fraud-proof weather sensors ensures quick claim payouts to climate-vulnerable industries including auto and agriculture. Understory's investors include Revolution's Rise of the Rest Seed Fund, 4490 Ventures, Future Shape, and True Ventures. Understory also went through Wisconsin startup accelerator gener8tor's first cohort and received funding and hands-on mentorship from Bolt, the Boston based hardware venture firm.
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