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Traditional earthquake insurance vs parametric earthquake protection.
Traditional earthquake insurance policies offer financial indemnity for earthquake-related damages to an underlying asset such as a house. Yet, it involves lengthy claims handling processes and questions from the insurance company, which often lead to delays in pay-outs – often taking several months or years. However, especially with the advent of smart contracts, our parametric earthquake protection has emerged as a more efficient option. Our smart contracts are self-executing agreements on the blockchain. By integrating parametric triggers, such as seismic data from monitoring stations, into smart contracts, these can automatically trigger pay-outs in real time. We will never ask you any questions. And this is a promise.
For the most affordable rates.
For the fastest and simplest onboarding and pay-outs.
For the most transparent T&C's.
For the most accessible solution - everywhere - for individuals and businesses.
Earthquake intensity determines the pay-out.
Specifically, when ground motion in your city reaches a defined threshold, you are eligible to receive payment.
Ground motion is modelled using a set of parameters. Some, such as magnitude, distance, and depth, are sourced by the USGS Data. U.S. Geological Survey is the leading authority on seismic reporting. Others, such as fault type and soil conditions, are determined by us and disclosed in full transparency.
So, ground motion is objective, reliable, available, and correlated with your economic loss. This allows us to make the payment process as fast, simple, and fair as possible.