Picture this; you have just produced 30,000 brand new cars, they’re parked up ready for transport abroad to be sold when along comes a hail storm which damages them all. Got weather risk cover? I hope so!
Volkswagen has just experienced this in Germany (BBC News story here) when a hail storm dropped hail the size of ping-pong balls al over their newly produced vehicles. Volkswagen have stressed that they have got hail insurance but I do wonder how effective that protection will be in this instance as unless the cover is comprehensively linked to the size of storm or amount of items damaged it is unlikely they will recoup their losses through it. This is where parametric triggers could provide a more optimal solution.
A Wincat coupon would also have served their needs quite nicely (if they were still available). Does anyone still provide cover like this?
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