What is Parametric Insurance?
To bypass the complexity of the long and complex assessment process of traditional insurance, we have taken the parametric insurance approach. Our goal is to quickly cover your immediate financial needs by paying cash upfront within three days of receiving your claim, helping to recover your additional expenses that result from a severe tropical cyclone.
Our parametric cover is triggered by a severe tropical cyclone. Based on the wind speed recorded by BoM at your insured address during the cyclone, Redicova pays your agreed amount, rather than the cost of damage to your property like a traditional insurance policy does.
We know that the faster money gets into a community, the quicker you will recover and get on with life. Redicova provides the fastest parametric cyclone insurance policy in Northern Australia.
A Redicova policy can be a useful complement to traditional insurance because it pays quickly, has no excess or deductible, and covers any extra expense, not just property damage.
Why do I need it?
Having cash in the bank during a crisis enables you to recover more quickly.
After a severe tropical cyclone the full economic costs of recovery often far exceed your traditional insurance claim settlements. The money you need to recover from an event is often a lot more than what you have saved for a rainy day.
At Redicova, we offer a simple and effective approach to insuring for, and provision of, essential disaster funds when they are needed most - within three business days of receiving your claim. By paying cash upfront, Redicova strengthens your financial resilience and fast tracks your journey towards recovery.
Homeowner and Renter
Covering your additional costs of getting your family back on the road to recovery.
Employees
Reducing financial stress and supporting you to recover from a severe tropical cyclone.
Business Owner
Supporting your business continuity and your balance sheet during a crisis with an upfront cash payment.
Farmers
Replacing your uninsured crops and property. Supporting your farm continuity and your balance sheet during a crisis with an upfront cash payment.
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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.
BoM records your insured address has been hit by a category 3+ cyclone.
Redicova notifies you via email, requesting your confirmation to pay your claim.
