USIC launches standard micro-insurance for hurricanes and earthquakes | business fair

USIC has launched standard micro-insurance for both hurricanes and earthquakes in Puerto Rico. These are intended to benefit homeowners as well as renters who give them emergency cash once the insurance policy is activated and such a catastrophic event occurs.

As an insurance agency, we understand the difficulties we face in incurring unexpected expenses after a hurricane or earthquake. Therefore, in both products we presented the alternative for emergency cash to cover immediate needs or expenses that arise after such emergencies,” said Rafael Blanes, USIC Vice President and Head of Risk Management (CRO).

Standard microinsurance is a policy that covers the probability of a predetermined event and is paid to the insurer once the criteria set by the policy are in place. Unlike a traditional policy, parametric microinsurance does not require physical damage to the property and the insured receives compensation without modification or deduction.

In the event of a hurricane, this micro-insurance uses the property’s location to determine if coverage is active when the eye path of a Category 3 hurricane is within 50 miles or less of the radio from the property.

Based on information published by the National Hurricane (NHC), the amount to be received is calculated depending on the distance from the eye of the hurricane, the location of the property and the maximum sustained wind speed. “After the hurricane, we will pay the insurance company $200 to $4,000, depending on the alternative the customer chooses and the criteria in place,” Blanes explained.

“The standards in place vary according to the type of insurance, but they are always specific, measured against public and accessible information, from reliable sources such as the National Hurricane Center (NHC) and the United States Geological Services (USGS),” the vice president noted.

For standard earthquake insurance, it uses the property’s location to determine if coverage is activated if an earthquake of magnitude 6.5 or higher is recorded on the Mercalli scale. The determination to revitalize the policy is calculated according to data provided by the United States Geological Services (USGS). Payment will be from $3,750 to a maximum of $30,000 depending on the variant the customer chooses and applicable criteria.

Premiums for the Standard Small Hurricane Insurance are annual premiums starting at $125.00, and the Standard Small Earthquake Insurance premiums from $115.00 per year.

“Both products have competitive advantages and benefits for customers, which apply to the entire property regardless of location or type of construction, there is no need for property damage, and the insured receives their money back without appraisals, inspections, alterations or deductions. As Frederic Millan said, USIC President, “There are no restrictions on the use of cash.”

These products are an easy, convenient and economical solution to get secure access to emergency cash when you need it most. For over 30 years, USIC has been distinguished for innovation and development of unique products to meet the needs of our customers, and is the only insurance company in Puerto Rico rated A Excellent by AM Best for our financial strength,” Milan stated.

For more information about USIC alternatives to Standard Small Insurance, visit www.cashdeemergencia.com.

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