Yesterday marked the formal beginning of hurricane season, which is as good a reason as any to take a moment and consider how your company might best manage whatever natural catastrophe risks are most likely to disrupt your business.

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Beyond traditional catastrophe coverage, one of the best ways to prepare in advance for the impacts of a potential natural disaster is to minimize and/or eliminate coverage gaps through the use of parametric insurance. 

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In addition to closing coverage gaps, another one of the main advantages to this approach is that it enables your company to resolve some of the finer points surrounding what events trigger payouts and in exactly what amount prior to the chaos and uncertainty that typically accompanies catastrophe, which also leads to much quicker payouts in the unfortunate circumstance that a triggering event occurs. 

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You can read more about how parametric insurance can bolster your company’s natural disaster risk management here.