A parametric microinsurance is a type of insurance that is activated based on the intensity of an event, such as hurricane winds, and the amount of the calculated loss. 

The technology used for this type of insurance makes it possible to measure wind speed on land using public satellite images from NOAA. Once the speeds are calculated, the policy is activated and the money is deposited into your bank account, according to the coverage limit of your policy and the highest speed within a 25-mile radius of the insured municipality’s center.

Windbraker, offered by Raincoat, is the first parametric microinsurance in Puerto Rico and the United States that pays cash according to a measurable event, instead of paying for actual damages. The payment is automatic based on wind speeds. The faster the winds, the more the policy pays. This is a new type of insurance that has been made possible for the first time thanks to the innovation of Puerto Rican programmers who experienced the post-Maria situation and thought of a better way to do things.

This insurance focuses on protecting your well-being as this money can be used for: 

  • Purchase of electric plant, gasoline, water, or provisions 
  • Make repairs to your residence 
  • Cover loss of income 
  • Pay loans, among others

With Windbreaker you receive financial relief after a hurricane, without having to incur deductible expenses, without having to show evidence of damages, and without the adjustment process. It provides you with total flexibility, as you can use the money for whatever you need and want.

The following are the different levels of protection available:

Protections Levels
$500                   Starting from $29.50 annually*$3,000                  Starting from $177 anually*
$1,000                      Starting from $59 anually*$4,000                  Starting from $236 anually*
$2,000                    Starting from $118 anually*$5,000                  Starting from $295 anually*

The policy does not impose limits on the number of covered events; however, there is a total payout limit in a year, which is determined by the total amount of the insurance you choose.

It is important to emphasize that this insurance takes effect 14 days after the purchase. Therefore, it is recommended that you acquire your policy in advance. For more information, please contact us, Myriad Benefits, at 787-708-6362.

Links: 

https://www.quieroraincoat.com/faq

https://www.optimapr.com/o/Productos/RainCoat

Policies insured by: