When heavy snowfall hits, businesses and local municipalities face numerous challenges and financial risks. The costs associated with snow removal, as well as business closures or other delays can significantly impact organizational operations. Arbol Insurance Services' Excess Snow Insurance is a parametric solution designed to help businesses and municipalities mitigate these challenges. Our tailored parametric coverage provides protection against revenue losses caused by unusually high snowfall.
In an article published in The Conversation, Michael A. Rawlins, Associate Director of University of Massachusetts Amherst notes that “Many of the Northeast’s heaviest snowfalls in over a century of reliable record keeping have occurred since 1990." This seemingly contradictory trend can be attributed to the relationship between a warming climate and increased atmospheric moisture. Warmer air can hold more moisture, intensifying the water cycle and leading to heavier precipitation events, including snowstorms. The warming oceans, which have absorbed a significant amount of heat from greenhouse gasses, contribute to the fueling of these snowstorms.
Arctic amplification and the behavior of the polar vortex also influence snow patterns. A warming Arctic, combined with declining sea ice and snow cover, can disrupt the polar vortex, allowing cold air to dip southward and interact with warmer, moisture-laden air from the western Atlantic Ocean. These factors contribute to the occurrence of extreme snowfall events in the Northeast.
With Arbol Insurance Services' Excess Snow Insurance, businesses can mitigate revenue losses associated with snowstorm damages. Our parametric coverage utilizes advanced technology and data analysis, such as ERA5 snowfall data, to create coverage triggers aligned with your unique needs and risk exposure. By setting a predetermined threshold for cumulative snowfall during the policy period, we ensure that if the snowfall exceeds the defined threshold, you automatically become eligible for a loss payment. This financial relief helps cover costs and maintains profitability, even in the face of excessive snowfall.
Our tailored solutions cater to businesses that rely on specific weather conditions such as outdoor event venues, and transportation services. We work closely with you to customize coverage triggers and policy terms so that you only pay for what you need.
Excess snowfall can pose significant challenges for businesses, but Arbol Insurance Services' Excess Snow Insurance offers a shield against snowstorm damages. Don't let snowstorms leave you stranded. Contact Arbol Insurance Services today or request a premium indication to learn more about our Excess Snow Insurance and how it can protect your business from the financial impact of snowstorms.