Patent ID: 8010393

Claim:
A process for providing event-linked credit protection to a protection buyer, wherein the protection buyer procured one or more primary insurance policies from one or more primary insurers to cover a defined insurable event up to a coverage limit, the process comprising: receiving, by a secondary insurer from the protection buyer, following an occurrence of the insurable event specified in the one or more primary insurance policies, a claim for reimbursement under a secondary insurance policy between the protection buyer and the secondary insurer that covers the same event as the one or more primary insurance policies up to the same coverage limit as the one or more primary insurance policies, wherein reimbursement to the protection buyer is triggered under the secondary insurance policy upon (i) an occurrence of the event specified in the one or more primary insurance policies and (ii) a failure of by one or more of the primary insurers to make payment, because of the occurrence of the insurable event, to the protection buyer under the one or more primary insurance policies within a specified time after a qualifying claim is submitted under the one or more primary insurance policies by the protection buyer; and computing, by a computer system, an amount for the reimbursement due to the protection buyer from the secondary insurer under the secondary insurance policy, wherein all recoverables received by the protection buyer under the one or more primary insurance policies reduce, dollar for dollar, the amount of the reimbursement due the protection buyer under the secondary insurance policy; wherein upon paying the claim for reimbursement to the protection buyer, the secondary insurer is assigned by the protection buyer rights to recover against the one or more primary insurers that failed to pay under the one or more primary insurance policies within the specified period of time following submission of the qualifying claim by the protection buyer under the one or more primary insurance policies.