Method and apparatus for administrating metered insurance coverage
First Claim
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1. A method of metering during selected predetermined periods a premium payment payable to an insurer for a collateral risk policy covering loan proceeds from a lender drawn by a builder for constructing a plurality of projects that are subject to risk of loss during construction, comprising:
- (a) entering to a production scheduler that tracks construction of a plurality of projects a building project information for a new project subject to insurance coverage through a collateral risk policy;
(b) applying a premium rate factor to the aggregate of the building values of the plurality of projects tracked by the production scheduler as being under construction during a predetermined period to determine a premium for the period;
(c) transferring a monetary amount equal to the premium from a loan proceeds account for the builder to a coverage payment account for the insurer;
(d) periodically entering to the production scheduler a sold date for a particular one of the projects to show said project as no longer under construction, whereby the production scheduler does not include the building value of said project in subsequent step (b); and
(e) repeating steps (b) and (c) for subsequent periods, while conducting step (a) for additional ones of new projects and conducting step (d) for sold ones of the projects, whereby the premium determined in step (b) is based on projects under construction during the period.
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Abstract
A method and apparatus of administrating a builders risk insurance program with a computer system wherein builders may initiate coverage for individual building projects as they are begun from remote terminals by entering data on each project into a production scheduler that communicates with a central computer system that aggregates active building projects for determination and payment of metered builder'"'"'s risk insurance coverage.
33 Citations
24 Claims
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1. A method of metering during selected predetermined periods a premium payment payable to an insurer for a collateral risk policy covering loan proceeds from a lender drawn by a builder for constructing a plurality of projects that are subject to risk of loss during construction, comprising:
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(a) entering to a production scheduler that tracks construction of a plurality of projects a building project information for a new project subject to insurance coverage through a collateral risk policy;
(b) applying a premium rate factor to the aggregate of the building values of the plurality of projects tracked by the production scheduler as being under construction during a predetermined period to determine a premium for the period;
(c) transferring a monetary amount equal to the premium from a loan proceeds account for the builder to a coverage payment account for the insurer;
(d) periodically entering to the production scheduler a sold date for a particular one of the projects to show said project as no longer under construction, whereby the production scheduler does not include the building value of said project in subsequent step (b); and
(e) repeating steps (b) and (c) for subsequent periods, while conducting step (a) for additional ones of new projects and conducting step (d) for sold ones of the projects, whereby the premium determined in step (b) is based on projects under construction during the period. - View Dependent Claims (2, 3, 4, 5, 6)
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7. An apparatus that meters a premium payment during a predetermined period to an insurer for a collateral risk policy covering loan proceeds from a lender drawn by a builder for constructing a plurality of projects that are subject to risk of loss during construction, comprising:
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a production scheduler operative by a builder to track a construction process for each of a plurality of projects that are subject to risk of loss during construction, each project tracked by the production scheduler having project information on which insurance coverage premium can be determined;
a funding account of loan proceeds accessible by a builder for constructing the plurality of projects;
an analyzer that communicates with the production scheduler to determine a construction status of each of the plurality of building projects, aggregates building values of projects under construction based on the project having a start date and not having a sold date, and determines a premium for a predetermined period by applying a premium rate factor to the aggregate building value; and
means for transferring an amount equal to the determined premium from the funding account to an insurer payment account, whereby the premium determined by the analyzer is based on projects under construction during the period. - View Dependent Claims (8, 9, 10, 11, 12)
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13. An interactive network selectively engagable by an insurer providing a collateral risk policy covering loan proceeds from a lender drawn by a builder for constructing a plurality of projects that are subject to risk of loss during construction metered as to predetermined periods, comprising:
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a builder that tracks construction activities for a plurality of projects using a production scheduler that includes a start date, geographic lication, and building value for each of said projects;
a lender providing a source of funds account accessible by the builder periodically for construction of the projects;
an insurer providing a collateral risk coverage policy payable to the lender in the event of loss of a project during construction by the builder;
an analyzer that interrogates the production scheduler to determine a construction status of each of the plurality of building projects, aggregates building values of projects under construction based on the project having a start date and not having a sold date, and determines a premium for a predetermined period by applying a premium rate factor to the aggregate building value; and
means for transferring an amount equal to the determined premium from the source of funds account to an insurer payment account, whereby the premium determined by the analyzer is based on projects under construction during the period. - View Dependent Claims (14, 15, 16)
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17. A method for a construction builder having a plurality of construction projects to initiate and monitor builders risk insurance with a central computer system accessible from a remote terminal, comprising the steps of
(a) obtaining by a builder a blanket coverage builders risk insurance policy for a plurality of building projects from an insurance provider having a central computer database of insurance policy terms from which insurance premiums may be computed for building projects of the builder; -
(b) entering project data on a specific building project into a production scheduler;
(c) communicating the building project data to the central computer database of an insurer;
(d) computing an insurance premium for the aggregate of building projects for the builder; and
(e) communicating the initiation of insurance coverage for the specific building project. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
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Specification