Patent ID: 8065218

Claim:
A method for providing insurance for commodity purchasing, comprising: creating, at an insurance system comprising one or more computing devices having a processor, an insurance strike price matrix corresponding to a commodity, wherein the insurance strike price matrix comprises a set of insurance strike prices, wherein each insurance strike price is associated with an insurance premium and a locale; providing the insurance strike price matrix over a network to a price protection system comprising one or more computing devices having a processor and coupled to the insurance system via the network, wherein the price protection system is configured to: analyze, one or more factors to determine a financial risk associated with at least one insurance strike price and associated insurance premium, offer a price protection product to a consumer via the network, wherein the price protection product is for the commodity and specifies a lock price and an associated locale and obtain a payment associated with the price protection product from the consumer; and indemnifying an operator of the price protection system for a purchase of the commodity made by the consumer, wherein the indemnification for each purchase is made based on the locale associated with the purchase and the insurance strike price associated with the locale.