Insurance on demand transaction management system

• US 8,005,734 B1
• Filed: 03/05/2008
• Issued: 08/23/2011
• Est. Priority Date: 12/09/2002
• Status: Expired due to Fees

• Current Assignee: Kenneth Ray Strech
• Original Assignee: Kenneth Ray Strech
• Inventors: Strech, Kenneth Ray
• Primary Examiner(s): Apple, Kirsten S
• Assistant Examiner(s): Basit, Abdul
• Application Number:
  US12/074,852
• Time in Patent Office: 1,266 Days
• Field of Search: 705/35, 705/4
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An intermittent risk exposure liability insurance method comprising the steps of: establishing an Internet business site enabled for communication with insurers and insureds through Internet service providers; enrolling the insureds in intermittent risk exposure liability insurance policies, the policies providing for a variable insurance premium rate depending upon an intermittent use of an insured article; logging start and completion times of each intermittent use of the insured article on the Internet business site by the insured; verifying start and completion times of use of the insured article in accordance with the logged start and completion times; and applying and billing premium insurance rates in accordance with the verified and logged start and completion times of use.

Claims

1. A method of providing on-demand access to intermittent risk exposure liability insurance, comprising:

(a) establishing an Internet Web site;

(b) providing access to said Internet Web site to an insured and one or more insurers;

(c) the insured and an insurer, through said Internet Web site, entering into an insurance contract for multiple coverage periods for actual risk exposure for one or more intermittent risks for an item or items of insurable property, where entering into said insurance contract is performed in real time and in parallel;

(d) as time progresses, the insured entering for each intended coverage period a start and stop time, covered property identification, and one or more of said risks through said Internet Web site, whereupon, in real time and parallel, the insured is provided costs of insurance coverage for the each coverage period, accepts such costs, and is conditionally bound to pay the insurer the costs for accepted coverage periods; and

(e) as time further progresses, logging an actual start time for each coverage period via said Internet Web site indicating a start of actual risk exposure in each coverage period in which insurance policy coverage and costs actually begin to accrue only upon the actual start time.

2. The method of claim 1 wherein, one or more actual start times are before the entered start times.

3. The method of claim 1 wherein, one or more actual start times are later than the entered start times.

4. The method of claim 1 wherein there is a logging of an actual stop time for each coverage period via said Internet Web site indicating a stop of actual risk exposure in each coverage period in which insurance policy coverage and costs actually cease to accrue only upon the actual stop time.

5. The method of claim 1 wherein one or more periods of actual risk exposure are greater than or less than the intended coverage period.

6. The method of claim 1 wherein, before an entered start time, modifying one or more entered start times via said Internet Web site.

7. The method of claim 1 wherein only the insurer or its authorized agent logs said actual start time.

8. The method of claim 5 wherein the insurer or its authorized agent, before logging said actual start time, confirms that the insured, on said actual start time, began to be liable for each of elected risks.

9. The method of claim 1 wherein, before an entered stop time, modifying the entered stop time via said Internet Web site.

10. The method of claim 1 wherein, at step (c), the insured shall have entered information sufficient for the insurer to assign a risk worthiness profile score before publication to the insured of an account identification number.

11. The method of claim 1 wherein multiple actual risk periods have occurred with acceptable performance by the insured and subsequent incidents of access by the insured to said Internet Web site for step (d) cause one or more selection templates of coverage options to be displayed to the insured.

12. The method of claim 1 wherein at any time before an actual stop time for a coverage period, the insured modifying one or more entered risks.

13. The method of claim 1 wherein the item of covered property is construction equipment where intermittent risks are fire, theft, weather-related losses, or accidents.

14. The method of claim 13 wherein the insured, after step (c), makes an offer to or enters into a construction contract wherein insurance costs for a coverage period are compensable costs.

15. The method of claim 14 wherein said construction contract offer is refused or is terminated and modifying the entered start time via said Internet Web site to minimize insurance costs for a coverage period.

16. The method of claim 15 wherein insurance costs are provided in the form of a cost per increments of a day for each day of the coverage period so that covered property is capable of being covered for a portion of or multiples of said increments at said cost per increment.

17. The method of claim 16 wherein the increments of a day are hours.

18. The method of claim 1 wherein the insured delivers payments to the insurer via said Internet Web site.

19. The method of claim 1 wherein intermittent risks include total loss or loss of use for rental vehicles.

20. The method of claim 1 wherein intermittent risks include risks to a person or persons during hazardous undertakings.

21. The method of claim 1 wherein access to said Internet Web site made at least in part by wireless communication devices.

22. The method of claim 1 wherein a wireless global positioning system is associated with said insurable property whereby its removal from an area permitted for operation in a coverage period causes a change in intermittent risk or costs.

23. A method of providing on-demand access to risk exposure liability insurance with an interactive cost reduction module, comprising:

(a) establishing an Internet Web site;

(b) providing access to said Internet Web site to an insured and one or more insurers;

(c) the insured and an insurer, through said Internet Web site, entering into an insurance contract for a coverage period for one or more insurable risks for an item or items of insurable property and the insurer assigns to the insured a risk worthiness profile score based upon representations of the insured, one or more of which are determined to be unverifiable or unreliable by the insurer, and provides to the insured a first quoted cost based upon said profile score and a notification that one or more representations of the insured were unverifiable or unreliable, where entering into said insurance contract is performed in real time and in parallel; and

(d) as time progresses, the insured providing representations to the insurer verifying or making reliable one or more of said unverifiable or unreliable representations, whereupon the insurer amends the insurance contract through the Internet Web site so that a second quoted cost for said coverage period is less than the first quoted cost.