When power outages persist for extended periods of time, customers are often left highly annoyed with nothing to show for it. One insurance provider aims to soften the blow by offerering coverage for hard-to-insure risks like power outages and utility interruptions.
Centinel, an insurance provider, will soon showcase its offerings at DISTRIBUTECH International, set for February 26-29, 2024 in Orlando, Florida.
“Our platform provides pricing, receives payment, monitors risk, and distributes payouts for extended power outage coverage across the United States,” said Soton Rosanwo, CEO, Centinel. “Centinel delivers peace of mind with automated, easily customizable, and transparent coverage. No opaque terms, no hidden exclusions, no claims; just simple contracts with open, fair and transparent pricing.”
Property damage, spoiled food, emergency supplies, and other hazards due to interrupted utilities can cost well over $2000, Centinel says, and many home insurance policies exclude coverage for power outages. Centinel will provide coverage if 0.1% of regional customers are without power for more than 24 hours, if electricity prices spike 25% higher than average, or if 0.1% of regional customers are without cell tower service for more than 24 hours.
Centinel’s coverage is not just limited to utility-related events, however. It also covers climate change-related disasters like hurricanes, floods, and fires; infectious disease, and events canceled by inclement weather, disease outbreak, or transportation outages.
“Centinel is excited to connect with utilities on how our extended power outage risk solutions can help enhance their customers’ experiences,” Rosanwo said. “Our easily customizable coverage, automated payouts and transparent terms help individuals and businesses better manage their power outage risk.”
