CINICO’s first-in-market Motor Parametric Insurance Coverage pays out pre-agreed amounts automatically to help cover incidental motor-related expenses, without the need to submit a claim, in the event of a Category 3 or higher hurricane that passes within a specified distance of the Cayman Islands.
Motor policyholders can receive a payment, typically within 14–21 days following the passage of a hurricane, to help with post-storm motor-related costs such as fuel and other incidental expenses associated with the use of a motor vehicle, whether or not the vehicle has sustained damage.
What is Parametric Insurance?
- Motor parametric insurance pays out funds to policyholders based on the occurrence of a pre-defined level of hazard and impact in the event of a hurricane.
- The assumption is that when a hurricane is approaching, or after it has passed, you may incur unexpected motor-related expenses.
- Expenses may include fuel and other incidental costs associated with the use of a motor vehicle following a hurricane.
- It is not necessary for your vehicle to have suffered any actual damage to receive a motor parametric insurance payment.
- Payments are made based on a hurricane exceeding certain pre-established trigger event criteria (i.e. parameters).
- Sustained wind speeds must be Category 3 (111 m.p.h. or above).
- The hurricane must pass within a specified distance of the Cayman Islands (see below).
Grand Cayman (I):
| Latitude | Longitude | Radius (miles) |
| 19.3300 | -81.2400 | 45 |
Sister Islands (I):
| Latitude | Longitude | Radius (miles) |
| 19.6593 | -79.8605 | 30 |
