Connecticut Inventors Develop Patent for Collateral Damage Coverage for Insurers and Third Parties

By Targeted News Service

ALEXANDRIA, Va., July 16 -- Bruce Bradford Thomas, Trumbull, Conn., and Lester Ware Preston, Darien, Conn., have developed a patent (8,219,425) for a "collateral damage coverage for insurers and third parties."

The abstract of the patent published by the U.S. Patent and Trademark Office states: "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 reinsurance policy. By referencing reinsurance 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."

The patent application was filed on July 23, 2008 (12/220,189). The full-text of the patent can be found at http://patft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=8,219,425.PN.&OS=PN/8,219,425&RS=PN/8,219,425

Written by Shabnam Sheikh; edited by Jaya Anand.

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