A Commercial Wind-Only insurance policy protects a business in the event of loss due to wind and hail, regardless of whether the damage is derived from a named or everyday storm. No other perils are covered in this type of policy.
Wind-Only is not to be confused with windstorm insurance, which may cover damages from hurricane-force winds, tornadoes, hail and other weather events that are accompanied by wind gusts exceeding 35 miles per hour.
Orchid Insurance offers Wind-Only coverage that can help pay to repair or replace damaged property including equipment, supplies, and structures. This coverage particularly essential for
- Apartment buildings
- Condominium associations
- Continuing care retirement community residential buildings
- Homeowner’s associations
Wind and hail damage are among the most common claims made by small business policyholders. In much of the country, coverage for hail and windstorm damage is standard on a commercial property insurance policy. In coastal areas, hurricanes, wind and hail damage is often excluded from a standard insurance policy. This means small businesses purchase separate coverage for these exposures.
Orchid’s Wind-Only minimum is as low as $250,000 with deductible options as low as 1 percent in some states. Coverage is also available for multifamily dwellings with a maximum of four families.
Flexible coverage limits are also offered as long as they do not exceed the maximum values of:
· Coverage B 30 percent of Coverage A
· Coverage C 70 percent of Coverage A
· Coverage D 30 percent of Coverage A
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