Insurance Products

Real Estate & Hospitality Weather Risk

Insurance Products

Real Estate & Hospitality Weather Risk

Sompo Global Weather enables real estate and hospitality clients to manage the impact of weather on their asset portfolios with its WeatherLock® and StormLock® suite of products. Payments can be structured to protect against financial exposure due to variations across a range of perils, such as rainfall, snowfall, temperature, and hurricanes that can impact the real estate and hospitality industry.


Target Markets

Sompo Global Weather is a leading provider of weather protection products across the world and works with our dedicated Real Estate and Hospitality teams in Sompo Global Risk Solutions to structure solutions across a range of classes: 

  • Real Estate Funds and Investment Trusts 
  • Global Real Estate Service Firms 
  • Building Owners 
  • Recreational Venues 
  • Golf Club Owners/Operators 
  • Hotel Owners & Operators 
  • Property Managers 
  • Restaurants 
  • Cultural Institutions 
  • Gaming/Casinos 
  • Parking Operators 

Products

We offer significant transactional capacity for our StormLock® and WeatherLock® financial products, which are tailored to each client’s risk management needs: 

  • StormLock® – Property owners can purchase standalone or supplemental parametric storm coverage to:  
    • offset business interruption costs which are not damage related 
    • provide expedited claims payment as no loss adjustment is required 
    • buy down traditional property insurance program deductibles 
  • WeatherLock® 
    • TempLock®  – Building owners can protect against increased energy bills arising from high energy usage due to cold winters and hot summers. 
    • RainLock® – Golf course operators can protect against lost greens fees and concession revenues due to a high number of rainy days in a season; Hotel operators can protect against loss of revenue due to reservation cancellations and on-site recreational activities impacted by heavy rain.   
    • SnowLock® – Property managers can protect against additional snow removal costs arising from a snowy winter; Ski resorts can protect against revenue shortfalls caused by lack of snow, poor conditions and additional weather driven costs.