Zurich North America has launched a parametric insurance to cover the financial losses caused by owners and contractors due to delays in construction projects caused by severe weather. for non-physical damage related project delays that traditional risk insurance builders do not cover.
Maximum limits of up to $ 10 million are available under the policy, a Zurich spokeswoman said via email.
Unlike builder risk, which requires physical damage to project elements in order for a claim to be paid, the parametric insurance pays out based on predetermined weather events that occur in the project mode, such as extreme rain, wind or temperatures, Zurich said.
Parametric policyholders can purchase coverage for one or more weather risks, and the coverage period can be adapted to the high season for the weather risk and linked to milestones in art
Risks, thresholds, limits, deductibles and coverage time according to the policy can be tailored to meet individual needs. , and the threshold options for each hazard are based on historical weather data on
Coverage responds as long as the trigger event occurs, the project is affected within the agreed dates and the deductible has been reached, Zurich says. Catalog