“Personal Disaster Insurance” in Patent Application Approval Process (USPTO 20170154383)

By a News Reporter-Staff News Editor at Bioterrorism Week -- A patent application by the inventor Wood, Darren (West Des Moines, IA), filed on June 22, 2016, was made available online on June 8, 2017, according to news reporting originating from Washington, D.C., by NewsRx correspondents (see also Patents).

This patent application has not been assigned to a company or institution.

The following quote was obtained by the news editors from the background information supplied by the inventors: "Wider variation in natural occurrences, particularly related to weather events, is on the increase. This operates to present greater opportunity for occurrences which damage one's belongings and home and, further, said damage is greater than historically has occurred in the past. As a result, there is an increasing need to protect individual and corporate property and possessions from these occurrences. When such personal catastrophes resulting from natural occurrences happen, there is an immediate need for the insuring entity to respond, fairly evaluate the loss, and make immediate payment to the insured to facilitate resumption of normalcy. That is not possible with the current offering of insurance products on the market. The lack of a comprehensive policy leaves a glaring need for a policy that covers catastrophic events (perils) that makes the consumer whole, post disaster, by providing coverage for the primary damage and additionally covering collateral loss exposures. Additionally, these natural occurrences may occur anywhere, and in isolation, present a formidable challenge to underwrite, but when managed within a larger systemic program, immediate adjustments in the acceptance of additional risks and the pricing of risks may be accomplished. Heretofore, there was not a comprehensive, systematic approach either in the offering of appropriate casualty/property insurance coverages, the management of risks associated with these insurance coverages, or the dynamic underwriting approach which provides the foundation for the systematic approach."

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventor's summary information for this patent application: "Personal Disaster Insurance Coverage (PDI) systems and methods as disclosed herein may operate either as an endorsement to a homeowner's insurance product, commercial disaster insurance products, or as a stand-alone personal line of property/casualty insurance products. The PDI products provide property and collateral damage coverage designed to make the consumer whole in a manner not currently available to consumers, which is based on unique risk management oversight of a defined geographic area. The insurance is payable upon claims verification based upon the impact to the insured resulting from a natural disaster or 'trigger' event occurring at the policyholder's home of record, or other covered location.

"The various embodiments of this invention provide comprehensive protection options to the individual and corporation where heretofore comprehensive protection was not made available. In states impacted by a major disaster, bankruptcies increase by 50% in the 3 years immediately following a disaster. This invention is designed, in part, to provide needed assistance to those who otherwise would be financially devastated by a major disaster.

"The coverage provides a lump sum cash benefit of the full policy coverage amount or other appropriate benefit to policyholders impacted by natural disasters or other named perils or events that dramatically impact the daily life of an insured. Covered disasters may include, but are not limited to: hurricane, tornado, tsunami, earthquake, winter storm, prolonged power outage, terrorist attack, flooding, wild fires, typhoons, sink holes, and land/mud slide events."

URL and more information on this patent application, see: Wood, Darren. Personal Disaster Insurance. Filed June 22, 2016 and posted June 8, 2017. Patent URL: http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.html&r=1&f=G&l=50&s1=%2220170154383%22.PGNR.&OS=DN/20170154383&RS=DN/20170154383

Keywords for this news article include: Patents.

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