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Parameter Climate files trademark for WeatherDay parametric coverage
The WeatherDay program is designed to pay out when monitored weather conditions exceed predefined thresholds, helping cover construction project interruption losses without physical damage.
Parameter Climate, the company behind Parameter Risk Solutions, has filed a US trademark application for the WeatherDay name on July 9, according to Coverager.
The application covers services including weather insurance brokerage, consulting, and weather-related financial risk management. Parameter Risk Solutions is developing parametric weather insurance for the commercial construction industry.
WeatherDay is built to address financial losses tied to weather-related project interruptions that do not involve physical property damage. Its ClimateDelta platform monitors weather conditions during a project and calculates settlements once a covered threshold is exceeded.
Coverager reports the product can be used for individual projects or portfolios, with placement possible through carrier relationships or through a captive. Portfolio programs are designed to let contractors and owners add projects without renegotiating the master arrangement.