Dominicans now have access to a new insurance product, aimed at providing protection against the occurrence of specific natural events.
The Flexible Hurricane Protection Product, is a brainchild of the Climate Resilience Execution Agency for Dominica CREAD.
Theparametric protection product will be sold by the West Coast and Grand Bay Cooperative Credit Unions for the 2021 hurricane season.
The minimum policy which can be purchased is at $100 US dollars, with the maximum at $100, 000 US dollars.
Economic Growth Lead at CREAD Brent Barnette said the project came about in looking at building a resilient Dominica.
“One of the things that we realized is that risk management is really very important, both from the standpoint of the country as a whole but also from the standpoint of individuals, for people to be able to stand back and understand what their risk exposure is and what they can do to manage it more effectively,” Barnette stated.
He said the new Product is in no way a replacement for the traditional insurance products.
“So, we wanted to find a way of expanding coverage, not to compete with traditional insurance products, but to find ways of providing alternative solutions for people for livelihood protection, protect crops and to protect other assets that wouldn’t be considered available for traditional insurance policy,” Barnette said.