Climate-resilience technology provider Demex has teamed with underwriting MGA Vave to provide extreme temperature insurance to US commercial properties.
According to Coverager, Vave’s extreme temperature insurance is powered by Demex and is designed to provide up to $1,000 of immediate cash during intense temperature events. Through the embedding of Demex’s technology within Vave’s offering, policy holders will be protected from the costs of extreme climate events.
Currently, extreme temperature coverage is parametric – which means that claims are directly linked to temperature. After the temperature passes a predefined threshold, a claim is then instantly triggered, with the payment being automatic and the claim amount directly linked to the severity of the event.
Demex CEO Ed Byrns said, “At Demex, we believe insurers will lead the way helping people manage the effects of climate change. We’re excited to launch this product because we see it as one of the first major steps to create climate resilience for policy holders.”
Vave head of product Robert Porter added, “The addition of Demex parametric weather cover to the Vave Commercial Property Product will give small businesses increased peace of mind that they can continue to operate following extreme weather. Our collaboration with Demex continues the Vave tradition of finding innovative ways to offer consumers enhanced coverage.”
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