EXTREME WEATHER PORTFOLIO PROTECTION

LPP is available to all individuals and households regardless of how much you earn or the income you are looking to protect. The protection will safeguard their income stream against potential losses that result from heavy rainfall and strong wind speed.

We are working hard on delivering you a solution that will allow you to purchase this insurance anywhere, anytime using our online portal. In the meantime, we encourage you to contact your participating commercial bank, credit union or loan-providing institution.

Each policy provides protection for a 12-month period. After your first 12-months, your protection will expire unless you renew your coverage.

This new type of insurance is intended to provide immediate cash assistance to cover the potential costs you incur as a result heavy rain and strong winds. So unlike normal insurance, LPP is not designed to cover a specific asset or need. Your payout will be based solely on the level of coverage purchased, and our satellite measurements of the wind speed strength and rainfall level at your location.

Any storm event could be more severe in one region when compared to another. Therefore, a trigger may be met in one region, but not in a neighboring region. Because each region has a different risk profile, the LPP triggers have been developed to reflect these different conditions and is reflected in the different trigger levels. This is the fairest way to protect all individuals who purchase LPP. This way, all policyholders are equally likely to receive a payout regardless of their location.

We will provide an enrolment form allowing us to identify the insured party, record their contact details and confirm their grid location. Once the premium is paid to the Bank, participating Credit Union or directly to your insurer, an insurance certificate or policy card will be issued together with a SMS notification confirming the policy number.

Premiums are payable upon completion of the enrollment form and no payouts will be made on a policy for which full premium has not been collected. If you have arranged with your financial institution to pay your premium weekly/monthly, then any premiums outstanding over 15 days will result in the policy status being “to be cancelled” and over 30 days will result in the cancellation of the policy.

Your protection will start 10 days after you have made your initial payment.

Either an insurance certificate or policy card will be issued to the insured party together with a SMS notifying them of their policy number.

High wind speed and heavy rainfall are the covered events and are based on the location recorded on the enrolment form.

Yes. Insurance can be purchased on behalf of another party. However, it is important that individual is correctly identified in the correct grid location on the enrolment form.

The maximum amount you can receive is 100% of the sum insured, and will depend on your level of coverage in your policy. Once this is exhausted (even over several events), the insured is advised to renew the cover. However, in the event the trigger level is met for both rain and wind speed in a single day, the payout will be based on the higher trigger.

Unlike any other insurance policies, you will not need to make claim or contact your provider as your payout will be made automatically. Once the trigger is met, we will action the payout to the account you’ve requested on your application form and you will be notified of your payout by SMS.

We are continually monitoring all weather systems in your area via our real-time monitoring system. When an event is approaching, we will notify Unlike any other insurance policies, you will not need to make claim or contact your provider as your payout will be made automatically. Once the trigger is met, we will action the payout to the account you’ve requested on your application form and you will be notified of your payout by SMS. you via SMS that a storm is approaching so you can prepare yourself. If a trigger it met in your region, we will again let you know the payout you will receive via SMS.

We want to provide transparency. That is why we use an independent consultant to monitor all weather systems in your area in real-time. Rainfall triggers are based on satellite data provided by the Tropical Rainfall Measuring Mission (TRMM). – a joint mission between NASA and the Japan Aerospace Exploration Agency (JAXA). The wind-speed triggers are based on information from the National Hurricane Center (NHC) – a division of the National Weather Service responsible for tracking and predicting severe weather systems in the Caribbean.

We will provide you with an initial notification that a trigger has been met within 72 hours of the event. We will then issue payment to your nominated accounts within 10 days of the event.

The event with the highest intensity will be considered for the evaluation of the payout.

We do our best to match the triggers as closely to your potential losses. However, it is possible that rainfall/winds remain below the trigger levels in your location, but still cause you financial loss. In this instance, a payout would not be made to you. However, the opposite is also true. We would still award a payout if a particular weather event that triggers your LPP, yet you do not incur a loss.

With the purchase of the policy the insured party will have access via a dedicated, real-time weather monitoring website. Before an event materializes, the insured party will receive an early warning SMS, encouraging them to take precautions. If an event is triggered in specific grids, a message will be sent within 72 hours to clients to confirm the occurrence of the event and details of any payout due.

A claim cannot be based on other weather data sources. The weather data sources must come from the sources detailed in your brochure and policy documentation and as measured by our independent consultant.

We save you the trouble. When a trigger is met in your location, automatic payment will be made to your nominated bank account. We’ll even SMS you to let you know the funds are available to you. We believe in transparency and provide online access to our monitoring website (http://calamityeye.com/) so you can see what we see.

Your payout will be whichever provides a greater benefit to you. For example, if the rainfall measurement is above the 3rd trigger, but the wind speed is only above the 1st trigger, your payment will be based on the rainfall measurement and you will receive the maximum amount (100% of your coverage).

You may receive payment up to 6 times before you reach the maximum limit. However, once you’ve received the maximum LPP entitlement, your coverage will expire. To maintain your protection, you’ll need to renew your LPP for a further year.

If you take more than 30 days to pay any amount outstanding, your LPP will be automatically cancelled and you will lose your protection. Don’t stress! We will remind you of any amounts outstanding before this happens.

You will not be subject to an additional waiting period for any renewals. However, if the insured fails to pay the premium in advance of the renewal date, the policy will be cancelled and you will no longer be protected.

We will notify you 30 days prior to the expiring date of your policy. If you fail to pay the new premium due, your policy will be cancelled. If you would like to renew your protection at this point, you will be required to sign-up as a new applicant and fill out a new enrolment form.

The annual premium should be paid at least 10 days prior to your renewal date.