System for the acquisition of technology risk mitigation information associated with insurance
First Claim
1. A computerized method of insuring a property comprising:
- identifying a plurality of Standard Industrial Codes (SICs), wherein each SIC represents a manner of use for a potentially insurable property;
storing the plurality of SICs in a computer;
associating each SIC with a SIC-specific underwriting guideline in the computer;
receiving, by the computer, a request to insure the property by entering into the computer data representing the property;
receiving, by the computer, an indication of an intended use of the property by selecting with the computer a SIC from the plurality of stored SICs;
collecting sensor data related to the property and storing the collected sensor data in the computer; and
calculating, by the computer, a premium for an insurance policy for the property based at least in part on the collected sensor data, wherein an effect of the collected sensor data on the calculating of the premium is determined based on the selected SIC.
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Accused Products
Abstract
The invention herein generally pertains to underwriting an insurance policy utilizing sensors to detect, determine, measure and assess one or more conditions, states of affairs, physical properties and process as each relates an insurable property interest. More specifically is disclosed a method and computerized system for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of certain property losses. The significance of operable safety related devices or system loads are important diagnostic safety markers for measuring one or more properties affecting the safety or risk aversion and for underwriting an insurable interest. This invention also relates to a system and a method for acquiring and assessing the qualities, variables and parameters that affect the underwriting premium for a building structure (commercial or residential), vehicle, aircraft, marine craft or cargo.
259 Citations
21 Claims
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1. A computerized method of insuring a property comprising:
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identifying a plurality of Standard Industrial Codes (SICs), wherein each SIC represents a manner of use for a potentially insurable property; storing the plurality of SICs in a computer; associating each SIC with a SIC-specific underwriting guideline in the computer; receiving, by the computer, a request to insure the property by entering into the computer data representing the property; receiving, by the computer, an indication of an intended use of the property by selecting with the computer a SIC from the plurality of stored SICs; collecting sensor data related to the property and storing the collected sensor data in the computer; and calculating, by the computer, a premium for an insurance policy for the property based at least in part on the collected sensor data, wherein an effect of the collected sensor data on the calculating of the premium is determined based on the selected SIC. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A computerized method of insuring a property comprising:
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identifying a plurality of Standard Industrial Codes (SICs), wherein each SIC represents a manner of use for a potentially insurable property; storing the plurality of SICs in a computer; associating each SIC with a SIC-specific underwriting guideline in the computer; receiving, by the computer, a request to insure the property by entering into the computer data representing the property; receiving, by the computer, an indication of an intended use of the property by selecting with the computer a SIC from the plurality of stored SICs; collecting sensor data related to the property and storing the collected sensor data in the computer; underwriting, using the computer, the property by applying the SIC-specific underwriting guideline associated with the selected SIC to the property and the stored sensor data to determine if the property is insurable or not insurable; and calculating, by the computer, a premium for an insurance policy for the property based at least in part on the collected sensor data, wherein an effect of the collected sensor data on the calculating of the premium is determined based on the selected SIC. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21)
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Specification