Plover Parametrics

?? Deal alert ! ??? Who is buying parametric wildfire insurance? Here’s a summary of a recent Plover broking win: Who bought: High net worth homeowner What did they buy: Parametric wildfire coverage Why did they buy it: Like many buyers in high risk areas, this homeowner had their insurance policy non-renewed on the grounds of wildfire exposure. The buyer tried getting quotes from 20+ different admitted markets but was denied. Plover helped them evaluate, backtest and purchase a parametric wildfire policy that pays out transparently and quickly while minimizing basis risk. Impact: The buyer received cost-effective and transparent coverage, getting insurance where no other broker was able to deliver it. Get in touch to see what Plover can do for you. Link in the comment. ??

Worried a bank won’t accept parametric insurance? ?? Plover helps banks get comfortable with parametric products by offering template contract language. Usually this means: ?? Defining parametric insurance ?? Clarifying that it satisfies the buyer’s obligations. Here’s a sample that’s worked for us: Definition section:? Parametric Insurance means each insurance against direct, indirect or total economic loss of or damage to an insured resulting from a specified event, as measured by an objective and independently verifiable parameter or index. Such insurance provides a pre-agreed payment to the insured upon the occurrence of such specified event. Insurance Requirement Section: Required Insurance. Borrower shall obtain and maintain for the term of the Loan insurance policies of the kinds described in this section. Each policy must (i) be issued by an insurance company acceptable to Lender; (ii) insure against such risks, provide such coverage, include such endorsements, and be written in such amounts as Lender may reasonably require; (iii) identify Lender and its successors and assigns as an additional insured or loss payee, as Lender may require; (iv) include a stipulation that coverage will not be cancelled or diminished without at least ten (10) days prior written notice to Lender; and (v) include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission, or default of Borrower or any other person. Borrower shall provide Lender with a copy of each insurance policy or evidence thereof that is satisfactory to Lender. Lender may require that the insurance policies include the following:? (i) Parametric insurance for [named storm risk]. Any thoughts on the language? Drop a comment below! ??

?? When would your buyer have experienced a parametric payment? ?? Parametric backtesting shows buyers when a product would have paid using real past events. Loss runs help brokers compare structures, educate buyers, and manage E&O risk. ?? Using ClimateIQ, Plover’s brokers produce parametric Loss Run Reports for all transactions we work on using the same data sources that determine payment. ?? ClimateIQ’s data is constantly updating to include recent events. See how 2024 climate events would have affected your portfolio. ?? ??Reach out to Brenden Beeg, CPCU for a complimentary Loss Run Report today! ??Create your own with ClimateIQ: https://lnkd.in/e7BVyVyB

Is your buyer blown away by high deductibles for SCS?????? Plover helps brokers access cost-effective tornado and hail insurance where traditional markets will not write. Products are available based on sensors and 3rd party radar data. Plover’s ClimateIQ integrates hail observations, tornado tracks, and FEMA risk evaluations to characterize SCS risk and compare product performance. See how hail?? and tornado?? events have impacted your buyer – and access products to transfer that risk. ???Get ClimateIQ access at this link: https://lnkd.in/e7BVyVyB

?? Deal alert! ??? Who is buying parametric wind insurance? Here’s a summary of a recent Plover broking win: Who bought: a coastal Homeowners Association What did they buy: parametric named storm coverage Why did they buy it: the carrier writing the HOA’s property insurance added a 5% deductible to their policy on renewal. The buyer wanted to avoid levying residents if there was a big storm. Plover helped them evaluate, backtest and purchase a parametric named storm for deductible infill. Impact: the buyer received cost-effective and transparent coverage, avoiding the need to levy an assessment on residents in the event of a hurricane. Get in touch with Brenden Beeg, CPCU to see what Plover can do for you.

Today is Halloween, but renewals have been looking scary all year. ???? Plover’s brokers are here to help with even the spookiest deals. ?? Reach out today to Brenden Beeg, CPCU to see what sets our brokers apart when it comes to hard markets.

Parametric vs. traditional insurance. Let’s talk about it. ?? Whereas traditional insurance payouts can be opaque and take years to process, parametrics are transparent, easy to understand, and quick to payout. Parametrics are:? Objective ?? - Use 3rd party data when determining payout Transparent ??– Triggers and payouts are pre-determined, making clear both expectations and the claims process Quick to payout ?- Offer liquidity post triggering catastrophic event. Economic interest indemnification ??– Claims payments can be used to cover more than just physical damage and business interruption. Claims payments can also be used to cover any kind of economic loss associated with the event. That means, deductible “fill-in”, gap coverage, non-damage BI cover, employee care, contingent supply chain loss fill-in, debris removal coverage, etc. (non-exhaustive) Reduced pricing volatility ??– Larger data sets, climate event underwriting, and pre-defined loss scenarios allows for more precision and consistency, as opposed to a traditional indemnity approach. COPE & Loss Experience Agnostic ?? – Event or climate underwriting is based on the probabilities of an event occurring or not-occurring. Clients with asset and/or loss experience characteristics that are considered “sub-optimal” by traditional underwriters are adversely penalized from a rate perspective. This is not the case with parametrics! ?? Reach out to Brenden Beeg, CPCU to talk about your upcoming renewal today.? ?? Use ClimateIQ to simulate parametric payouts against 150+ years of climate data: https://lnkd.in/e7BVyVyB

Risk analysis powered by AI ? Plover’s Risk Management application backtests your SOV against decades of government weather data, suggesting the most impactful loss making events. See how your buyer’s portfolio would have been impacted by hurricane (182 years), wildfire (25 years), earthquake (54 years), tornado (72 years), and hail scenarios (29 years).?? ??Get access to the full ClimateIQ platform here: https://lnkd.in/e7BVyVyB ??

Is your buyer earthquake exposed, but your understanding of earthquake parametric policies a little… shaky? ?? What do PGV, PGA, and PSA 0.3 even mean? ?? Let Plover’s expert brokers break it down for you using ClimateIQ. ?? With ClimateIQ, you can now backtest your buyer’s portfolio against historical earthquake data and compare potential payouts using PGV, PGA, or PSA 0.3 trigger structures. PGA, PGV, and PSA0.3 are different ways to describe the motion of the ground in an earthquake event. Markets writing #earthquake #parametric policies can opt to use any of these options when defining trigger structures. ?? PGA (Peak Ground Acceleration): measure of maximum ground acceleration, or how quickly the motion of the ground changes over time ?? PGV (Peak Ground Velocity): measure of maximum ground velocity, or how fast the ground moves at a given time ?? PSA 0.3s (Pseudo-Spectral Acceleration at 0.3 seconds): measure of the acceleration of a structure with a natural frequency of 0.3 seconds. “Natural frequency” refers to how fast a structure will complete one back and forth motion. PSA is often used in designing buildings and other structures to ensure they can withstand certain levels of seismic activity. ?? Reach out to Brenden Beeg, CPCU to talk about your upcoming renewal today. Get access to ClimateIQ at the link in the comments.

“The Insurance industry has no climate deniers.” This week, our CEO Max Clarke, along with our friends Siddhartha Jha at Arbol and Bessie Schwarz at Floodbase, took the Main Stage at the SOSV Climate Tech Summit to discuss how climate has reinvented the insurance industry. Many thanks to Matthew Zeitlin for moderating and SOSV for hosting! ?? ?? Watch the discussion here: https://lnkd.in/erN44Cwh