Business

Palomar Announces Windstorm Insurance for Hawai’i

March 16, 2015, 11:05 AM HST
* Updated March 16, 11:10 AM
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A new type of windstorm-hurricane insurance will now be offered in Hawai’i. Palomar Specialty Insurance Company announced Monday that it has partnered with TriCoast Insurance Services, LLC to offer a residential windstorm-hurricane insurance product in Hawai’i.

The new product is a stand-alone hurricane coverage that will be offered through local independent agents and is intended for homeowners, rental dwellings, and condo unit-owners. According to company officials, the coverage will offer higher limits with up to $10 million of total insured values. Deductibles range from one percent to 15 percent.

“Palomar Specialty Insurance Company is thrilled to partner with TriCoast to offer Hawaiian insurers a unique residential hurricane product. Palomar and TriCoast have significant experience in Hawai’i and with underwriting and evaluating hurricane and catastrophic risk broadly. The higher available limit, flexible coverage options and easy to use platform provided by Palomar result in a truly differentiated product for policyholders,” said Palomar CEO Mac Armstrong.

With service that focuses on earthquake, hurricane and wind, Palomar is an admitted carrier in 17 states. The company has a best financial strength rating of excellent.

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