Insurance on demand transaction management system

• US 8,566,127 B1
• Filed: 08/18/2011
• Issued: 10/22/2013
• Est. Priority Date: 12/08/2001
• Status: Active Grant

• Current Assignee: Kenneth Ray Strech
• Original Assignee: Kenneth Ray Strech
• Inventors: Strech, Kenneth Ray
• Primary Examiner(s): NGUYEN, TRAN N
• Application Number:
  US13/199,064
• Time in Patent Office: 796 Days
• Field of Search: 705/4
• US Class Current: 705/4
• 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 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 a coverage period for actual risk exposure for one or more intermittent risks, where entering into said insurance contract is performed in real time and in parallel;

(d) the insured entering for the coverage period a start and stop time 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 coverage period by a computer associated with the Internet Web site and accepts such costs;

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

(f) the insured entering new start and/or stop times in real time and in parallel when the period of the intermittent risk changes to assure that insurance coverage is in force for the new time period; and

(g) the computer associated with the Internet Web site recalculating the cost of insurance coverage for the new start and/or stop times, storing the recalculated cost of insurance coverage and the new start and/or stop times to indicate that the insured has valid insurance coverage for the time periods associated with the new start and stop times.

2. The method of claim 1 wherein intermittent risk results from the use of construction equipment where the intermittent risks are fire, theft, weather-related losses, or accidents.

3. The method of claim 2 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.

4. The method of claim 3 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 the coverage period.

5. The method of claim 4 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.

6. The method of claim 5 wherein the increments of a day are hours.

7. The method of claim 1 wherein the period of actual risk exposure is greater than or less than the intended coverage period.

8. The method of claim 7 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 the insured delivers payments for insurance costs to the insurer via said Internet Web site.

10. The method of claim 9 wherein on-line payments may be made by the use of a credit card via the internet.

11. The method of claim 9 wherein payments may be made via electronic funds transfer via the Internet.

12. The method of claim 9 where an account balance is debited for payments to an insurer for insurance costs.

13. The method of claim 1 where the intermittent risk results from the use of a rental vehicle.

14. The method of claim 13 wherein intermittent risks include total loss or loss of use for rental vehicles.

15. The method of claim 13 wherein the intermittent risk includes diminished resale value to rental vehicles.

16. The method of claim 13 wherein the intermittent risk includes property-casualty loses to a rental vehicle company for which the insured is responsible.

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

18. The method of claim 17 wherein the device is a wireless enabled computer.

19. The method of claim 17 wherein the device is a wireless telephone.

20. The method of claim 1 wherein, the actual start time is before the entered start time.

21. The method of claim 1 wherein, the actual start time is later than the entered start time.

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

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

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

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

26. 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.

27. 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.

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

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

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

31. The method of claim 1 whereby the insured completes a hierarchical menu template to enter into an insurance contract.