System and method for payment of insurance premiums for vessels
First Claim
1. A method for payment of an adjusted insurance premium for a vessel comprising:
- a) activating a global positioning system receiver which is proximate to the vessel;
b) receiving positioning coordinates from a global positioning system;
c) initiating transmittal of received global positioning system positioning coordinates to a receiver in communication with an insurance company;
d) processing the received global positioning system coordinates for calculation of an adjusted insurance premium; and
e) accessing an account for electronic funds transfer in response to the adjusted insurance premium.
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Accused Products
Abstract
The system and method for payment of insurance premiums for vessels generally involves the use of a global positioning system receiver integral to a vessel and a transmitter which communicates the GPS coordinates of the vessel to an insurance company. A processor at the insurance company verifies the received GPS coordinates and compares the received GPS coordinates to a database catagorizing insurance premiums based upon geographic premium zones. In the event that a premium adjustment is mandated based upon the location of the vessel then a controller at the insurance company initiates an automatic premium adjustment through an electronic funds transfer withdrawal from a customer account to provide continuous insurance coverage for the vessel during a voyage.
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Citations
23 Claims
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1. A method for payment of an adjusted insurance premium for a vessel comprising:
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a) activating a global positioning system receiver which is proximate to the vessel;
b) receiving positioning coordinates from a global positioning system;
c) initiating transmittal of received global positioning system positioning coordinates to a receiver in communication with an insurance company;
d) processing the received global positioning system coordinates for calculation of an adjusted insurance premium; and
e) accessing an account for electronic funds transfer in response to the adjusted insurance premium. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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Specification