Related: General Insurance
Parametric Insurance is an insurance solution to recover the cost of possible damage to properties, loss of income/profit, or loss of business opportunities caused by natural calamities. The insurance coverage is defined by pre-agreed parameters of weather conditions – e.g., a specific typhoon signal, or a particular magnitude reading on the Richter scale, within a defined proximity to your business operations.
Payment of insurance proceeds will be triggered by publicly declared weather parameters. There will be no claims handling costs, no huge deductible costs, no frustrating loss adjustment.
- What are the information/documents needed for Parametric Insurance?
- Assured's Name
- Location of Property
- Type of Property – residential, industrial, or commercial
- Properties to be Insured
- Machineries and equipment
- Valuable items/works of art
- Valuation of Property
- Replacement Value – amount if a similar property will be built NOW
- Sound Value – replacement value less the accrued depreciation
- Fair Market Value – value of a similar property in the market
- Mortgage, if applicable
- Loss history
- Broker of Record (BOR) – form will be provided by Trinity