Specialty insurance and reinsurance company Beazley, in partnership with Sola Technologies and Spinnaker Insurance Company, has launched a tornado disaster benefit insurance product, named Tornado Crisis Insurance.

By leveraging the US’s National Weather Service (NWS) data, Tornado Crisis Insurance can initiate a fast and straightforward claims process, automatically.

The NWS will confirm the path and severity along the path, based on the Enhanced Fujita (EF) scale of a tornado, which then acts as an activator to generate payments.

Unlike standard insurance policies that could take a long time to pay out, Sola intends to pay the disaster benefit to the policyholders as soon as possible after the incident.

Beazley incubation underwriting head Neil Kempston said: “By applying data and technology, we believe the new Tornado Crisis Insurance product will further improve the situation for policyholders who need a fast claims payment in the aftermath of a tornado.

“We are pleased to be supporting this innovative new solution which can help policyholders with the immediate challenges following a tornado.”

With limits of up to $15,000, the policy will cover the deductible and immediate expenses.

Beazley currently offers the product in 15 states across the Midwest and South-East US and plans to expand the coverage in the future.

Sola Wesley Pergament CEO said: “We are building the first fully data-driven claims process to protect policyholders from the ever-present risk of tornados. Sola is paving the way for a new era of insurance products that bridges the payment gaps and delays that sometimes happen with traditional insurance.”