Best Insurance Advices

Google on Monday was among investors  pumping $42 million into a climate change inspired technology startup that  calculates the chances of crops being ruined by weather.

WeatherBill launched Total Weather Insurance in 2010 as a way for US  farmers to protect themselves against being devastated by weather, which the  US Department of Agriculture blamed for 90 percent of crop losses last year.

“The flip flop of weather from one year to the next is the biggest  challenge farmers face,” said Steve Wolters, a farmer who grows corn, soybean  and wheat in the US state of Ohio.    “It makes sense to me to take advantage of WeatherBill’s automated weather  insurance programs that pinpoint the weather conditions expected to affect my  land and pay me if they happen.”

WeatherBill continuously aggregates weather data and runs large-scale  weather simulations on its computers.

The automated system lets farmers or others customize insurance policies to  the amount of rain or seasonal temperatures they need for fields to flourish.  Policies are paid out if the weather doesn’t measure up to specified standards.

Those taking part in the startup’s second round of funding with Google  Ventures included Khosla Ventures, First Round Capital, Index Ventures, and  Allen & Company. Total investment in the compa

Read more…

Tags: Startup