CelsiusPro AG, the Swiss-based weather risk management specialist, are continuing their push into the construction sector through a new partnership with the Irish Construction Industry Federation (CIF). This follows their previous partnerships which saw them team up with construction organisations in the UK and the Netherlands to help them promote their weather risk products to builders and associated construction firms.
The new partnership will see the CIF promote CelsiusPro’s weather certificate products such as Frost Day and Rain Day to their construction industry members. These products help construction companies hedge the risks of bad weather stopping work, particularly useful when they are often contracted to complete a job in a set length of time or lose work due to bad weather days, thus providing a way to smooth and guarantee revenues.
Mark Rueegg, CEO of CelsiusPro said; “In the past winter season many Irish regions saw a number of Frost Day twice or thrice as high as the long term average. The severity of the past winters has affected construction companies in many European countries and the demand for weather risk mitigating solutions is high.”
Robert Butler of the CIF commented; “As an association we have a strong interest in supporting our members. The construction companies are highly dependent on favourable weather conditions. We are enlightened to offer them this solution now.”
The cover can be purchased online and those taking out the weather cover will receive automated payouts if predefined weather parameters, such as a certain number of frost days, are exceeded. In this way the cover works almost like a weather derivative and offers the equivalent financial protection to less financially sophisticated end-users.