Parametric insurance offers immediate coverage to the insured based on a specific trigger. California-based carrier Jumpstart Insurance has begun offering parametric coverage for earthquakes in California, Oregon, and Washington. A copy of the California policy can be found here. The policies are underwritten by Lloyd's, and coverage is available for businesses and homeowners. The company provides a lump sum payment to the insured once a claim has been made following the triggering event; that payment can cover a variety of related costs and expenses. We will break our analysis of the Jumpstart policy for California into the following sections:

Part I – Definitions

Part II – Insuring agreement