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New website simplifies parametric cyclone insurance quotes

Redicova cyclone insurance has upgraded its website to make it much easier for brokers to get quotes for their clients.

There are just two steps:

  1. Use the Eligibility button to check whether a client’s postcode is within the Redicova catchment area.
  2. Click ‘Get a quote’.

Redicova insurance is triggered when the Bureau of Meteorology (BoM) records a severe tropical cyclone at clients’ insured locations.

If a category 3 or higher cyclone is recorded by the BoM, Redicova will automatically pay insureds a pre-agreed sum insured within three business days of receiving a claim – no questions asked.

Unlike traditional indemnity insurance, which compensates policyholders for loss, parametric insurance pays claims based on event triggers.

It’s not designed to replace traditional insurance, such as home, business, strata or farm coverage, but to complement it.

Redicova is available for properties in northern Australia along the coastline and up to 300km inland in postcode zones between Carnarvon in WA (postcode 6701) to Bundaberg in Queensland (4670) including the Northern Territory.

Redicova payments are made regardless of any other insurances clients have purchased. That gives them fast disaster recovery cash to help them when they need it most.

If the BoM records a category 3, 4 or 5 severe tropical cyclone has passed over an insured’s address, that’s the only trigger required to generate a payout. Redicova will automatically email all insureds to notify them they’re eligible for a payment.

Insureds then login to the Redicova website to check their bank account details are correct and submit their claim.

Redicova pays 100% of the sum insured to policyholders affected by ‘very destructive winds’ and 30% to policyholders within a 5km buffer zone around the ‘very destructive winds’ zone.

Redicova is not a replacement for traditional insurance, but provides a buffer for clients, particularly if they are impacted by a cyclone but suffer no physical damage to their premises or crops. Without physical damage, business interruption insurance may not apply.