Insurance product, rating system and method
View Patent ↗In the present invention, an insurance product, rating system and method generally relates to a rating and pricing system for quantifying the risk that the annual savings will not fall below specified levels associated with implementing and maintaining economic improvements. The product, system and method can be applied to various industries, including, power generation, petro-chemical, manufacturing and refining facilities. The present invention comprises an insurance product rating and pricing system designed for a relatively small number of insured annually or over a multi-year term with each insured having a relatively large exposure. These savings will produce additional benefits to the client in the form of enhanced creditworthiness and resulting increased availability of financing and reduced cost of financing.
1. A system for providing a computer implemented insurance product comprising:
a user interface that receives a confidence level and an insured's basic data comprising at least one of the insured's:
name, address, lending institution, country, and region;
a storage unit used to receive and store:
savings criteria;
savings data corresponding to the insured's implementation of the savings criteria;
risk distribution data corresponding to the savings data;
the insured's basic data; and
the confidence level; and
a processor programmed with executable code that when executed, causes the processor to:
determine an insured floor dollar value based on the confidence level and the risk distribution data;
calculate a premium for the insurance product corresponding to the insured floor dollar value; and
generate the insurance product comprising the savings criteria.
2. The insurance product of claim 1 , wherein the insurance product further comprises the calculated premium, an insuring agreement, exclusions, conditions, duties of an insurer; duties of an insured, disposition of a covered location, a limit of liability, definitions, endorsements, and a surplus account.
3. The insurance product of claim 1 , wherein the insurance product further comprises a savings measurement and loss adjustment.
4. The insurance product of claim 2 , further comprising an agreed metric plan.
5. The insurance product of claim 4 , wherein said limit of liability comprises risk acceptance values.
6. The insurance product of claim 4 , wherein the endorsements comprise market price indexing and operational base lines.
7. The insurance product of claim 4 , wherein the endorsements comprise a savings execution plan and schedule.
8. The insurance product of claim 4 , wherein the endorsements comprise a savings calculation procedure and base line value.
9. The insurance product of claim 4 , wherein the endorsement comprises agreed debt obligations of the insured.
10. The insurance product of claim 4 , wherein the exclusions comprise modifications to the covered location that affect the agreed metric plan.
11. The insurance product of claim 4 , wherein the exclusions comprise modifications to the agreed metric plan.
12. The insurance product of claim 4 , wherein the exclusions comprise a failure of the insured to perform its duties.
13. The insurance product of claim 4 , wherein the exclusions comprise shortfalls resulting from deviations in or related to a base line production.
14. The insurance product of claim 4 , wherein the conditions comprise noncompliance with the agreed metric plan.
15. The insurance product of claim 4 , wherein the agreed metric plan pertains to an industry.
16. The insurance product of claim 15 , wherein the industry is a power industry.
17. The insurance product of claim 15 , wherein the industry is a chemical industry.
18. The insurance product of claim 15 , wherein the industry is a refining industry.
19. The insurance product of claim 15 , wherein the industry is a manufacturing industry.
20. A non-transitory computer readable storage medium encoded with a computer program for providing an insurance product for an insured, the program comprising instructions that when executed by one or more computers cause the one or more computers to perform operations comprising:
receiving a confidence level and the insured's basic data comprising at least one of the insured's:
name, address, lending institution, country, and region;
receiving and storing:
savings criteria;
savings data corresponding to the insured's implementation of the savings criteria;
risk distribution data corresponding to the savings data;
the insured's basic data; and
the confidence level; and
determining an insured floor dollar value based on the confidence level and the risk distribution data;
calculating a premium for the insurance product corresponding to the insured floor dollar value, and
generating the insurance product comprising the savings criteria.
21. The insurance product of claim 20 , wherein said insurance product further comprises the calculated premium, an insuring agreement, exclusions, conditions, duties of an insurer; duties of an insured, disposition of a covered location, a limit of liability, definitions, endorsements, and a surplus account.
22. The insurance product of claim 20 , wherein said insurance product further comprises savings measurement and loss adjustments.
23. The insurance product of claim 20 , wherein the insurance product further comprises an implementation and schedule.
24. The insurance product of claim 21 , wherein said limit of liability comprises risk acceptance values.
25. The insurance product of claim 21 , wherein the endorsements comprise market price indexing and operational base lines.
26. The insurance product of claim 21 , wherein the endorsements comprise a savings execution and schedule means.
27. The insurance product of claim 21 , wherein the endorsements comprise a savings calculation procedure and base line value.
28. The insurance product of claim 21 , wherein the endorsements comprises agreed debt obligations of the insured.
29. The insurance product of claim 23 , wherein the exclusions comprise modifications to the covered location that affect the implementation and schedule.
30. The insurance product of claim 23 , wherein the exclusions comprise modifications to the implementation and schedule.
31. The insurance product of claim 21 , wherein the exclusions comprise failure of the insured to perform its duties.
32. The insurance product of claim 21 , wherein the exclusions comprise shortfalls resulting from deviations in or related to a base line production.
33. The insurance product of claim 23 , wherein the conditions comprise noncompliance with the implementation and schedule.
34. The insurance product of claim 23 , wherein the implementation and schedule pertain to an industry.
35. The insurance product of claim 34 , wherein the industry is a power generation industry.
36. The insurance product of claim 34 , wherein the industry is a chemical industry.
37. The insurance product of claim 34 , wherein the industry is a chemical industry.
38. The insurance product of claim 34 , wherein the industry is a refining industry.
39. The insurance product of claim 34 , wherein the industry is a manufacturing industry.