Parametric Supplemental Earthquake Insurance:
When establishing a policy we work with our clients to establish pre-defined parameters like:
1. Trigger location(s) (typically specific zip code center points or latitude long points)
2. Payout amounts at agreed intensities at each trigger location
3. Policy term
4. Policy limit After an earthquake occurs, the local geological survey scientific agency will publish a ShakeMap which has detailed shake intensities for the affected region.
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The policy is intended to cover ANY economic loss caused by earthquakes including but not limited to:
1. Losses contained within traditional percentage deductibles
2. Loss to exposure not covered by traditional insurance
3. Losses caused by exclusions contained within traditional insurance Policyholders select the amount of insurance desired, and Ground Shake (either Peak Ground Acceleration (PGA) or Peak Spectral Acceleration (PSA).
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