WO2004049103A3 - Method and system for insuring users of electronic trading or commodity exchanges against weather-related risks - Google Patents

Method and system for insuring users of electronic trading or commodity exchanges against weather-related risks Download PDF

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Publication number
WO2004049103A3
WO2004049103A3 PCT/US2003/035230 US0335230W WO2004049103A3 WO 2004049103 A3 WO2004049103 A3 WO 2004049103A3 US 0335230 W US0335230 W US 0335230W WO 2004049103 A3 WO2004049103 A3 WO 2004049103A3
Authority
WO
WIPO (PCT)
Prior art keywords
weather
insurance product
premium
commodity
insuring
Prior art date
Application number
PCT/US2003/035230
Other languages
French (fr)
Other versions
WO2004049103A2 (en
Inventor
Mark M Mayers
David M Fromer
Original Assignee
Comm Connect Llc E
Mark M Mayers
David M Fromer
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Comm Connect Llc E, Mark M Mayers, David M Fromer filed Critical Comm Connect Llc E
Priority to AU2003291286A priority Critical patent/AU2003291286A1/en
Publication of WO2004049103A2 publication Critical patent/WO2004049103A2/en
Publication of WO2004049103A3 publication Critical patent/WO2004049103A3/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/08—Insurance

Abstract

A weather-related insurance product (16) is created for a commodity which will specify the weather-related risk premium and compensation to be paid if certain defined events occur. The exchange offers (10) the insurance product (16), a premium is added to the cost for each transaction in which the member is a party. By bundling a weather-related insurance product together with each trade or transaction, the weather-related risk premium is incorporated as an added transaction cost at the time the trade is confirmed. The amount of premium paid by each trading party may be accumulated and recorded as 'weather credits'. Pursuant to the terms and conditions of the insurance product (16) which vary depending upon the commodity and the risks being covered, different amounts of weather credits are required in order to obtain compensation for a weather-related incident.
PCT/US2003/035230 2002-11-22 2003-11-03 Method and system for insuring users of electronic trading or commodity exchanges against weather-related risks WO2004049103A2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2003291286A AU2003291286A1 (en) 2002-11-22 2003-11-03 Method and system for insuring users of electronic trading or commodity exchanges against weather-related risks

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US10/303,127 US20040103003A1 (en) 2002-11-22 2002-11-22 Method and system for insuring users of electronic trading systems or exchanges and traditional established commodity exchanges against weather-related risks and hazards
US10/303,127 2002-11-22

Publications (2)

Publication Number Publication Date
WO2004049103A2 WO2004049103A2 (en) 2004-06-10
WO2004049103A3 true WO2004049103A3 (en) 2005-02-10

Family

ID=32324924

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2003/035230 WO2004049103A2 (en) 2002-11-22 2003-11-03 Method and system for insuring users of electronic trading or commodity exchanges against weather-related risks

Country Status (3)

Country Link
US (1) US20040103003A1 (en)
AU (1) AU2003291286A1 (en)
WO (1) WO2004049103A2 (en)

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Also Published As

Publication number Publication date
US20040103003A1 (en) 2004-05-27
AU2003291286A8 (en) 2004-06-18
AU2003291286A1 (en) 2004-06-18
WO2004049103A2 (en) 2004-06-10

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