Built upon the belief that everybody should have fast access to financial resources during tough times, Redicova was designed for the sole purpose of helping communities in Northern Australia.
After experiencing the financial hardship caused to community following a severe tropical cyclone, Karen Hardy founded Redicova to reduce the financial impact of these storms for the benefit of all exposed communities within northern Australia. Redicova pays upfront cash to enable us all to recover more quickly – giving us funds for additional expenses not covered under traditional insurance for when we need it most.
Karen Hardy, Managing Director
After TC Larry in 2006 and TC Yasi in 2011, and with these experiences behind us, I started looking for a solution to the immediate financial hardship caused to communities impacted by natural disaster. There had to be a better way!
Although traditional insurance helped us greatly in the long-term by rebuilding our properties, it did little in meeting our immediate cash flow needs during the recovery process.
In 2015 I happened upon an article suggesting the use of parametric insurance to greatly reduce the immediately financial burden on communities after natural disasters and the rest is history. Redicova provides a fast up-front cash payment, within three days of receiving a claim, to fast-track our recovery from severe tropical cyclones.
With over 27 years’ experience in the insurance industry, we know Northern Australians are tired of being told what, when and how they have to pay for their insurance. Redicova gives them choice and control. Redicova is backed by Lloyd’s, underwritten by Beazley and a proud member of Underwriting Agencies Council.
To bypass the complexity of the traditionally long and complex assessment process, we have taken the parametric approach.
We know that the faster money gets into a community, the quicker you will recover and get on with life. Based on BoM data issued during the cyclone, Redicova pay you an agreed amount based on the wind speed recorded at your insured address, rather than the cost of damage your property like a traditional insurance policy does.
|Covers any unexpected expenses and uninsured impacts||Purpose||Repair or replace property damage|
|We pay a pre-defined lump sum payment||Payout||Assessed damage less any excess/deductible|
|Very simple. Automatic direct deposit on confirmation of impact||Process||Claim assessors, conversations & paperwork|
|We pay out within three business days of receiving your claim||Speed||Can take weeks if not months or years to get payment|
|Based on your location, Redicova can range from $400 to $1,000 per year for $10,000 cover||Typical Price||Subject to availability and policy conditions, this could be $’00,000’s per year.|
Cover is triggered when the BoM records a severe tropical cyclone at your insured location.
If a category 3 or higher cyclone is recorded by the BoM, Redicova will automatically pay you a pre-agreed sum insured within three business days of receiving your claim – no questions asked.