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Weather Insurance

What is Weather Insurance
If your show or shooting has every chance of being cancelled due to a brewing storm or some other adverse weather condition, weather insurance could be your single most important insurance coverage.

Weather insurance is not just for events and shootings held in the outdoors. This type of insurance coverage also helps stem the losses of indoor events. As any events organizer would know, heavy rains or snow can affect spectator attendance.

Whether you want to protect your investment from too much or too little rainfall, snowfall or a drastic change in temperature and the wind, we will provide you with the best insurance policies.

The key characteristics of the weather insurance product are its transparency, objectivity and ease of administration. Transparency primarily refers to the product structure. The structure is communicated through simple definition of parameters, and their transparent and impartial measurement. Objectivity is a measure of identification of the key risk parameters and development of structures to optimally mitigate its effects. Ease of administration is achieved by ensuring minimum subjectivity or physical intervention in the claim assessment.

This index is an estimate of the farmer’s loss in the event of deficiency of rainfall. The index is adjusted to reflect different requirement for rainfall during different phases of the cropping cycle. The farmer is presented with a simple matrix that denotes the amount due to him for every unit fall in rainfall below the benchmark index.

Weather insurance in his own words “appears to be more promising at least in design”. He proposes to introduce the scheme on a trial basis through Agricultural Insurance Corporation (AIC) in 20 stations in the current crop season, a fact that has been subsequently publicized through various news articles.

This recognition of the potential of weather insurance at such high levels is a pointer to the effectiveness of this product. Our partnership with internationally renowned expert in the field of commodity risk management namely the World Bank in developing this product ensures that the best of technical input is incorporated in the product.
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