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.
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
- Cultural Institutions
- Parking Operators
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
- 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.