View this article online: https://www.insurancejournal.com/news/national/2004/08/26/45296.htm
NIF Weather Risk Management, a division of NIF Group, Inc. of Manhasset, N.Y., has introduced a new series of financial weather products for companies and municipalities in all 50 states.
NIF Risk Management has developed and has exclusive use of NORDIX, the world’s first patented financial weather pricing method as its pricing model. The coverage is priced based on deviations from expected or ideal weather conditions. NORDIX pays in stipulated or incremental values as financial protection against non-catastrophic weather. The product is designed as a streamlined and efficient method to price, bind, and settle financial weather risk.
According to NIF, no other coverage including traditional weather insurance has used this method. This pricing method can make the cost of coverage available at a fraction of traditional weather insurance.
The groups with the most urgent need are retail, construction, leisure, agriculture, transportation, manufacturing and event planning risks. Products are being underwritten by several markets.
For more information about this product, and learn how to obtain an agency appointment contact Dan Parker, Managing Director of NIF Weather Risk Management, and 98 Floral Park Ave. Suite 103, Murray Hill, N.J. 07974. Phone 908-508-9696 ext. 13, Fax 908-508-0096, e-mail dparker@nifgroup.com.