Parametric Insurance — an agreement under which an entity assuming risk (the “insurer“) agrees to pay the indemnitee (the “insured“) an agreed amount upon the occurrence of a specified event, such as an earthquake or hurricane of specified intensity. Indemnity for property pays an insured for losses actually sustained, subject to the policy terms. iDemand wind and flood policies are Indemnity policies. The potential wind Event Limit premium itself is a parametric event; not the policy coverage.