QUAKE - Rapid response earthquake protection for public entities
QUAKE is an innovative product, which gives public entities financial flexibility in dealing with hardship in the immediate aftermath of a natural disaster. It's an index-based parametric earthquake insurance product providing rapid reimbursement within 30 days. QUAKE is easily tailored to meet the individual needs of public entities, including civil defence, higher education institutions, municipalities, counties and regions.
Earthquakes and other natural perils can be seriously bad news for public entities' budgets, creating grave financial losses. Due to the loss adjustment process involved, there are often substantial delays in receiving reimbursement or natural disaster aid from traditional insurance or from the government. Having the financial resources available in the immediate aftermath of an earthquake disaster helps you effectively deal with unexpected issues and successfully get back on your feet. This is essential, as the first 90 days following a disaster are the most critical for recovery.