Collateral damage coverage
First Claim
Patent Images
1. An information system, comprising:
- a data storage device; and
a computer linked to the data storage device configured to;
receive and store in the data storage device contractual information for a plurality of valid Collateral Damage Coverage agreements, wherein the contractual information for each said valid Collateral Damage Coverage agreement includes a referenced insurance policy and a payment function that increases payment under the valid Collateral Damage Coverage agreement as a function of an increase in losses paid under the referenced insurance policy;
receive and store in the data storage device information for a valid Collateral Damage Coverage agreement claim that includes a payment that was made under the referenced insurance policy of a valid Collateral Damage Coverage agreement; and
calculate a payment amount for the Collateral Damage Coverage agreement by applying the payment function of the valid Collateral Damage Coverage agreement to the payment that was made under the referenced insurance policy that was included in the valid Collateral Damage Coverage agreement claim.
0 Assignments
0 Petitions
Accused Products
Abstract
A method for marketing, underwriting, and adjusting damages that are associated with insured loss events but that are not covered by traditional insurance policies. This method permits the marketing of loss expense coverage, underwriting, and claim adjustment processes of insurance to be performed by reference to the loss payments that are made by a specified insurance policy. By referencing insured loss payments, which both a buyer and a seller understand, this method provides an easy way to communicate and transact something that is otherwise difficult or impossible to define or measure.
-
Citations
25 Claims
-
1. An information system, comprising:
-
a data storage device; and a computer linked to the data storage device configured to; receive and store in the data storage device contractual information for a plurality of valid Collateral Damage Coverage agreements, wherein the contractual information for each said valid Collateral Damage Coverage agreement includes a referenced insurance policy and a payment function that increases payment under the valid Collateral Damage Coverage agreement as a function of an increase in losses paid under the referenced insurance policy; receive and store in the data storage device information for a valid Collateral Damage Coverage agreement claim that includes a payment that was made under the referenced insurance policy of a valid Collateral Damage Coverage agreement; and calculate a payment amount for the Collateral Damage Coverage agreement by applying the payment function of the valid Collateral Damage Coverage agreement to the payment that was made under the referenced insurance policy that was included in the valid Collateral Damage Coverage agreement claim. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
-
-
14. A computer-implemented method comprising the steps of:
-
receiving and storing in a data storage device contractual information for a plurality of valid Collateral Damage Coverage agreements, wherein the contractual information for each said valid Collateral Damage Coverage agreement includes a referenced insurance policy and a payment function that increases payment under the valid Collateral Damage Coverage agreement as a function of an increase in losses paid under the referenced insurance policy; receiving and storing in the data storage device information for a valid Collateral Damage Coverage agreement claim that includes a payment that was made under the referenced insurance policy of a valid Collateral Damage Coverage agreement; and a computer linked to the data storage device calculating a payment amount for the Collateral Damage Coverage agreement by applying the payment function of the valid Collateral Damage Coverage agreement to the payment that was made under the referenced insurance policy that was included in the valid Collateral Damage Coverage agreement claim. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
-
Specification