CINICO’s first-in-market Parametric Cover pays out pre-agreed amounts automatically to cover incidental expenses, without the need to submit a claim in the event of a hurricane of a Category 3 or above, which passes within a specified distance from the Cayman Islands.
Homeowners can receive a payment, typically within 14-21 days of the passage of a hurricane to help with expenses not normally covered by insurance, such as additional groceries, securing the premises, and cleanup expenses after the passage of the storm, whether the home is damaged or not.
What is Parametric Insurance?
- Parametric insurance pays out funds to policy holders based on the occurrence of a pre-defined level of hazard and impact in the event of a hurricane
- The assumption is that when a hurricane is approaching, you may incur unexpected expenses in preparing for the hurricane, or after the hurricane
- Expenses such as extra groceries, hurricane supplies, back-up power, yard clean-up costs.
- It is not necessary for you to have suffered any actual damage to receive a parametric insurance payment
- Payments are made on the basis of a hurricane exceeding certain pre-established trigger event criteria (i.e. parameters)
- Sustained wind speeds must be Category 3 (111 m.p.h. or above)
- Hurricane must pass within a certain distance of the Cayman Islands (see below)
Grand Cayman (I):
| Latitude | Longitude | Radius (miles) |
| 19.3122 | -81.0295 | 45 |
Sister Islands (I):
| Latitude | Longitude | Radius (miles) |
| 19.6593 | -79.8605 | 30 |
