Introducing Flexible Hurricane Protection

CREAD is pleased to announce the launch of Flexible Hurricane Protection (FHP), a new approach for the people of Dominica to use in managing the risks from the damaging effects of tropical storms and hurricanes.

Unlike traditional insurance, which provides protection for specific assets like a home or a car, FHP provides protection against the occurrence of the damaging winds caused by tropical storms and hurricanes.  Policies can be purchased to reflect your personal budget and risk profile, and proceeds from any payout can be used for such things as livelihood protection, crops, small businesses, or to rebuild your home.

You cannot replace a traditional indemnity home insurance policy with FHP, but you can use the flexibility of FHP to provide you cover for lost income, to get your business back on its feet, or to restore damaged crops.

Who is backing the product?

The risk transfer solution was provided by London-based Global Parametrics, an industry leader in developing risk transfer products that provide parametric insurance to their clients around the world.  GP is also providing the capital to finance the policies through its Natural Disaster Fund.

How do I purchase a policy?

Policies are being sold in Dominica by the Dominica Co-operative Societies League Ltd and piloted through the Grand Bay Co-operative Credit Union and the West Coast Co-operative Credit Union.  To buy a policy, download the secure Klefki wallet from either the Google Play store or from the Apple Store, and then access the FHP portal to select your policy and premium options.  Once you have made your selection, pay your premiums at DCSLL’s office in downtown Roseau, or at the Grand Bay or West Coast Credit Union offices.

Initiatives

Part of CREAD’s mandate is to nurture and develop the creative and unique businesses that exist in Dominica. This island is home to a wide range of businesses that depend on the abundant resources of the nature island. From agro-producers to organic farmers and agritourism experiences; businesses in Dominica seek to make the most of the rich natural resources the island has to offer. These businesses are key to the country’s sustainability journey as Dominicans seek to create the world’s first climate resilient nation. 

CREAD is pleased to present a series of videos that introduce you to a few of these exciting entrepreneurs, each with their own exciting stories, products, and achievements in building climate-resilient sustainable businesses.