Policy disclosures

1. Purpose of this page

This page explains what the products described on this website do not do, so that you can judge them before you ask for a quote. It is written for businesses and their brokers. It does not replace the policy wording, the schedule or the quote you receive from Tripline Underwriting Ltd (“Tripline”, “we”, “us”).

2. An index policy pays on a reading, not on your loss

A Tripline policy pays when a published reading, such as wind speed in a cell or river level at a gauge, reaches a stated level. It does not pay according to the damage you suffer. You can suffer a loss that the index does not reach, and you can receive a payment when your loss is small. This difference is known as basis risk.

3. Basis risk, in practice

Basis risk comes from several places. Your site may sit next to a cell edge, so that a storm reaches it and misses the cell. A gauge may sit upstream of a levee that protects your site. A reading may fall between two tiers and pay the lower one. Before you buy, we replay past events against the records you give us and show you the gap as a figure; the quote states the strike, the tiers and the limit that follow from it. If the gap is too wide for the policy to be useful, we will tell you.

4. What is not covered

An index policy is not a property, liability, business interruption or life policy, and it does not replace one. It does not pay for losses from a peril or place that the schedule does not name. The wording lists the exclusions, the waiting periods, the territorial limits and the circumstances in which a payment may be reduced or withheld. Read it before you accept.

5. How a reading is confirmed

Each reading is compared across several independent sources. A payment is calculated only when the sources agree within the margin stated in your schedule. If they do not, the schedule names the fallback source. The sources, the values, the tier reached and the payment are recorded in a settlement note that you receive. Reviewed values can differ from automatic ones; the schedule states which one a policy pays on, and a later revision does not reverse a payment made on a reviewed value.

6. Prevention alerts

Alerts are provided to help you act. They are based on forecasts, which can be wrong, and they are not a promise that an event will or will not happen. An alert that does not arrive, or arrives late, does not change what the index pays. Acting on an alert, or not, does not change the premium or the payment.

7. Demonstration data on this website

The storm, “Storm Ines”, the cell “FL-0417”, the figures shown on the home page, the payment amounts, the number of policyholders alerted, the partner names and ratings, the dollar split of a premium, the journal articles and all people shown are fictional examples created to demonstrate how the product works. Public data providers named on the Data page are examples of the kind of source an index can read; Tripline Underwriting Ltd is not affiliated with and is not endorsed by them. Nothing here describes a real event or a real payment.

8. Not contractual

The content of this website is for information only. It is not an offer, a quote or a binding statement of terms, and it does not form part of any policy. Only the policy wording and the schedule that we issue to you, once you have accepted them, are binding.

9. Regulatory information

[Regulatory information to be added by the operator of this website: the name of the supervising authority, the registration or licence number, the register entry, and the complaints procedure.] Until this section is completed with real details, the website must not be used to market insurance.

10. Contact

Questions about these disclosures can be sent through the address shown on the Contact page: [Contact address: see Contact page].