Risk Innovations Introduces Transurance - Insurance for the Uninsurable

Risk Innovations, LLC announced today the introduction of Transurance," an innovative new class of insurance for losses that are collateral to insurable losses.

TRUMBULL, CT (PRWEB) December 14, 2004 -- Although U.S. businesses spend more than $250 billion annually on property and casualty insurance premiums, insured loss recoveries are becoming a smaller portion of the economic costs of insured events," said Bruce Thomas, President of Risk Innovations. In effect, losses that are collateral to insurable events are becoming larger."

Transurance eliminates complex coverage definitions and loss adjustment processes by defining its coverage as a percentage of the loss recoveries under selected traditional insurance policies. This approach enables the insured to express its view of the relationship between insurable losses and collateral losses as a proportion of the underlying loss recovery.

In short, Transurance makes uninsurable losses insurable, in a way that is effective and efficient, and helps insureds deal with the full impact of loss events. By supplementing insurance with Transurance, insurance recoveries will more closely resemble the total economic loss of insured events," said Thomas.

Moreover, Transurance may be substituted for ambiguous policy wording in traditional insurance so as to eliminate coverage disputes. For the insurer, Transurance represents an opportunity to write more insurance with less transaction costs, since the underwriting effort is minimal and claims adjustment expenses are all but eliminated.

Transurance is the first important insurance product for which patents are pending on the underlying underwriting and loss adjustment methods. Risk Innovations is currently in discussions with large insurers, insurance brokers, and risk managers.

We intend to use our patent rights to assure that the Transurance market develops in a way that benefits all market participants," said Ware Preston, Risk Innovations Vice President. The transparency, liquidity, and accessibility that we want this market to achieve are more important than ever."

Risk Innovations will be presenting Transurance at an invitation-only roundtable discussion co-sponsored by Palmer & Cay on January 25th. More information about this event is available by contacting Anne Webb at 212-490-2157.

Risk Innovations, LLC helps find and promote solutions to complex business issues. More information about Transurance can be found on the companys web site at www.riskinnovations.info.

Ranked as one of the nation's leading professional services firms, Palmer & Cay's mission is to provide creative solutions in the areas of insurance, risk management, employee benefits, compensation and investments. More information about Palmer & Cay can be found on the companys web site at www.palmercay.com.

###