Seasonal Rain Shortfall Protection
DESCRIPTION
Cumulative rainfall is defined as the sum of daily rainfall during the policy period.
If the cumulative rainfall is less than the trigger amount of rainfall, the policy holder will receive a fixed amount for each mm of rain shortfall up to the cover limit.
EXAMPLE
APPLICATIONS
Agriculture, hydropower production, and other industries where losses depend on the amount of rainfall deficit.
PAYOUT PROFILE
Payout calculation: (10mm trigger rain - 7mm cumulative rain) * USD 10,000 payout per mm rain = USD 30,000
Seasonal Excess Rain Protection
DESCRIPTION
Cumulative rainfall is defined as the sum of daily rainfall during the cover period.
If the trigger amount of rainfall is exceeded, the policy holder will receive a fixed amount for each excess mm of rain up to the cover limit.
EXAMPLE
APPLICATIONS
Agriculture (harvest rain), construction (delay penalties), tourism (non-damage business interruption), and other industries where losses depend on the amount of excess rainfall.
PAYOUT PROFILE
Payout calculation: (5mm trigger water balance – 1.9mm average water balance) * USD 10,000 payout per mm water balance = USD 31,000