Note: Descriptions are shown in the official language in which they were submitted.
CA 02811151 2013-03-22
FIELD OF THE INVENTION
The present invention generally relates to the field of insurance. More
specifically, the present
invention discloses a novel transit delay insurance which guarantees an
individual (or
individuals) a predetermined claim amount for a specified delay in departure
and/or arrival of a
specific transit event.
BACKGROUND OF THE INVENTION
One of the distinguishing characteristics of human beings from other species
is an acute
perception of time and scheduling. Human beings are aware of and often count
the costs which
result from transit delays in departures and/or arrivals causing missed
appointments, missed
transit connections, delayed delivery of goods and/or services, lost work
time, and general
anxiety and frustration. Nevertheless, prior to this invention, people have
had no simple and
straight-forward means of mitigating the risk of transit delay.
Because there currently exists no simple and straight-forward means of
mitigating the risk of
transit delay, there is a clear need for a system and method to more
effectively manage the risk.
The present invention, namely transit delay insurance, provides a novel
approach to allow
individuals to mitigate transit delay risk by allowing them to be directly
indemnified for such
transit delays. The individual can assess the cost and risk of a transit delay
with the opportunity
to mitigate the risk by paying a premium for a clear level of indemnity,
should the transit delay
occur.
SUMMARY OF THE INVENTION
The present invention comprises an indemnity schedule for transit delays of
varying durations of
time and a fixed premium.
In light of the foregoing, it is an object of the present invention to
mitigate transit delay risk.
Further, it is an object of the present invention to provide a system and
method to allow
individuals to offset the costs associated with delays in departures and/or
arrivals including but
not limited to such costs as missed appointments, missed transit connections,
delayed delivery of
goods and/or services, and lost work time.
Yet another object of the present invention is to provide a system and method
which allows
individuals to mitigate the emotions of anxiety and frustration which can be
caused by delays or
Patent Application: Transit Delay Insurance ¨ Charles Grant
1
CA 02811151 2013-03-22
anticipation of delays in departures and arrivals.
BRIEF DESCRIPTION OF THE DRAWINGS
A further understanding of the present invention can be obtained by reference
to a preferred
embodiment set forth in the illustrations of the accompanying drawings.
Although the illustrated
embodiment is merely exemplary of systems for carrying out the present
invention, both the
organization and method of operation of the invention, in general, together
with further
objectives and advantages thereof, may be more easily understood by reference
to the drawings
and the following description. The drawings are not intended to limit the
scope of this invention,
which is set forth with particularity in the claims as appended or as
subsequently amended, but
merely to clarify and exemplify the invention.
FIGURE 1 is a sample contract of a transit delay insurance product in
accordance with the
preferred embodiment of the present invention.
FIGURE 2 is a depiction of the sequence of steps of the method for mitigating
transit delay risk
in accordance with the preferred embodiment of the present invention.
FIGURE 3 is a screenshot of the application page of a web-based interface for
applying for an
insurance contract in accordance with the preferred embodiment of the present
invention.
FIGURE 4 is a screenshot of the settlement page of a web-based interface for
settling claims in
accordance with the preferred embodiment of the present invention.
FIGURE 5 is a screenshot of the bordereaux of a web-based interface depicting
a bordereaux
listing the policy terms and settlement by policy.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT
A detailed illustrative embodiment of the present invention is disclosed
herein. However,
techniques, systems and operating structures in accordance with the present
invention may be
embodied in a wide variety of forms and modes, some of which may be quite
different from
those in the disclosed embodiment. Consequently, the specific functional
details disclosed herein
are merely representative, yet in that regard, they are deemed to afford the
best embodiment for
purposes of disclosure and to provide a basis for the claims herein which
define the scope of the
present invention.
Patent Application: Transit Delay Insurance ¨ Charles Grant
2
CA 02811151 2013-03-22
Moreover, well known methods and procedures for both carrying out the
objectives of the
present invention and illustrating the preferred embodiment are incorporated
herein but have not
been described in detail as not to unnecessarily obscure novel aspects of the
present invention.
None of the terms used herein, including transit delay, agreed value,
indemnity schedule, and the
like are meant to limit the application of the invention. The terms are not
intended to limit the
scope of the invention. Similarly, the use of the term insured is not meant to
limit the scope of
the invention to one type of entity, as any entity or individual can utilize
the present invention.
The following presents a detailed description of a preferred embodiment of the
present invention.
The present invention generally relates to the field of insurance. More
specifically, the present
invention discloses a novel transit delay insurance which guarantees an
individual (or
individuals) a predetermined claim amount for a specified delay in departure
and/or arrival of a
specific transit event.
Transit delay insurance provides mitigation of the risk of a transit delay.
More specifically, the
purchase of transit delay insurance provides mitigation for the costs
associated with transit delay,
namely missed appointments, missed transit connections, delayed delivery of
goods and/or
services, lost work time, and the general anxiety and frustration which can be
caused by a transit
delay. Indemnity is determined by agreed values for varying durations of
delays of departures
and/or arrivals, listed in the indemnity schedule. Transit delays are verified
by third party data
sources. The payments of premiums and settlements of claims are all transacted
electronically
through computers and/or mobile devices.
Referring to FIGURE 1, shown is sample transit delay insurance contract. It
includes the usual
sections of an insurance contract including Introduction, Insuring Clause,
Calculation of Loss,
Definitions, Exclusions, Conditions Precedent, Subrogation, and Cancellation.
The terms and
conditions of the transit delay insurance are spelled out in the wordings.
Referring to FIGURE 2, shown is the sequence of steps of the method for
mitigating transit delay
risk in accordance with the preferred embodiment of the present invention. A
specific flight is
shown as the example transit event, however, it as one example only, and the
transit event could
also be for other flights or for transit by rail, road, or sea.
Four parties are involved in the process of mitigating transit delay risk,
namely the transit
provider, who provides data regarding scheduled departures and arrivals and
actual departures
and arrivals of transit events; the insured, who books the policy, pays the
premium, and receives
the settlement should a settlement be called for in the case of a transit
delay; the third party
payment system provider, who processes the transactions of payment of premiums
and
settlement of claims; and the insurer, who receives the payment of premiums,
pays the settlement
of claims should they be called for in the case of a transit delay, and
maintains a bordereaux
listing premiums received and claims paid.
Patent Application: Transit Delay Insurance ¨ Charles Grant
3
CA 02811151 2013-03-22
Referring to FIGURE 3, shown is a screenshot of the application page of a web-
based interface
for applying for an insurance contract in accordance with the preferred
embodiment of the
present invention. A specific flight is shown as an example transit event,
however, it is shown for
illustrative purposes as one example only, and the transit event could also be
for other flights or
for transit by rail, road, or sea. Information regarding the flight
identification, scheduled
departure and arrival times, premium, and indemnity schedule are listed. An
electronic button is
provided for insureds to book a transit insurance policy should they desire to
mitigate a risk of
delay for the specified transit event.
Referring to FIGURE 4, shown is a screenshot of the settlement page of a web-
based interface
for settling claims in accordance with the preferred embodiment of the present
invention. A
specific flight is shown as an example transit event, however, it is shown for
illustrative purposes
as one example only, and the transit event could also be for other flights or
for transit by rail,
road, or sea. The screenshot contains all of the information shown in FIGURE
3, and in addition
shows settlement information including Actual Arrival Time, Minutes Late on
Arrival, Claim,
and Settlement Date.
Referring to FIGURE 5, shown is a screenshot of the bordereaux of a web-based
interface
depicting a bordereaux listing the policy terms and settlement by policy. A
specific flight is
shown as an example transit event, however, it is shown for illustrative
purposes as one example
only, and the transit event could also be for other flights or for transit by
rail, road, or sea. The
screenshot lists the information about the transit event including flight
identification, scheduled
departure and arrival times, premium, indemnity schedule, actual time of
arrival, minutes late on
arrival, claim, and settlement.
Patent Application: Transit Delay Insurance ¨ Charles Grant
4
