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Parametric insurance is a type of insurance that does not indemnify the pure loss, but ex ante agrees to make a payment upon the occurrence of a triggering event. The triggering event is often a catastrophic natural event which may ordinarily precipitate a loss or a series of losses. But parametric insurance principles are also applied to Agricultural crop insurance and other normal risks not of the nature of disaster, if the outcome of the risk is correlated to a parameter or an index of parameters.
Just another way of making CUSTOMERS PAY MORE .Flight delay should NOT be made harder by Airlines ,Customer should be able to make a claim quickly as long as the have ALL the correct paperwork TKTs, Boarding Pass ,& Invoices also take a few photos of the information screens in Airport and dont forget to get names of any REPS that are giveing you the INFORMATION (If the airline can be botherd to send a rep to speak to its CUSTOMERS THAT IS) There should be NO REASON what so ever foe any company or indevidual to take out or to be charged extra for this type of Insurance its again a money spinner agaist the CUSTOMER.