Understory introduces Hail Safe
Madison, Wisconsin-based Understory , a weather-tech startup established in 2012, has launched a new product called Hail Safe geared towards auto dealers. Hail Safe is an “affordable” parametric coverage that’s underwritten by Mitsui Sumitomo Insurance and is currently available in select states, including CO, IL, IN, IA, KS, MN, MO, NE, OK, SD, TX, and WI.
Understory works with brokers to sell the policy, while it supplies the technology – a rooftop sensor called Dot that is installed in dealerships to alert when hail reaches certain agreed-upon conditions. The sensor will activate an instant settlement and payout can be expected in 1 to 2 weeks from when hail is detected.
Finally, the company has rebranded.