WeatherWise: Google Invests $42 Million in WeatherBill Weather insurance
Even though as a society we cannot seem to agree on the legitimacy of "global warming", most of us accept the notion of "climate change". Google, in partnership with Khosla Ventures, has announced an investment of $42 million into WeatherBill. Using an algorithm to calculate risk, WeatherBill sells insurance online covering business loss due to unpredictable weather.
Increased frequency of inclement or unexpected weather conditions are responsible for over 90% of crop loss, placing more and more agricultural businesses at risk. WeatherBill's flagship product, Total Weather Insurance (TWI), is a the first full-season private pay weather protection program for U.S. farmers to protect their income. It functions as a supplement to their government-subsidized crop insurance.
Not a farmer? WeatherBill also offers policies for other industries such as Travel, Outdoor Events, Snow Removal, Ski Resorts, Energy and more. Unlike the government subsidy program, with a WeatherBill insurance policy there are no claims to file, no adjustment needed--if certain specified bad weather conditions occur, WeatherBill automatically generates and sends a check to the policy holder within 10 days of the end of their policy period.
via CNNMoney--Fortune Tech
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Posted by Super Cool Pets Staff at March 8, 2011 8:43 AM