What:
Zurich North America has launched Construction Weather Parametric Insurance for project owners and contractors.
Why:
Traditional insurance products such as Builders Risk policies offer protection for weather-related financial losses only when they cause physical loss or damage to a project. Construction Weather Parametric Insurance policy doesn’t require physical loss or damage for a claim to be paid.
How:
- Claim payment based on predetermined weather events occurring in the project’s location, such as extreme rain, wind, or temperatures.
- Tailored perils, thresholds, limit, deductible, and coverage duration to meet buyers’ needs.
- Historical weather data-based threshold options for each peril at the project location.
- Customers can purchase coverage for one or more weather perils and tailor coverage duration to the peak season of the weather risk and milestones in the construction schedule.
- Faster payments with little need to investigate the loss using objective, weather data-based payouts.
- Claims will be paid if the trigger event occurs, the project is impacted within the agreed-upon dates, and the deductible has been met.