Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Insurance
Reexamination Certificate
2001-11-20
2004-04-20
Hafiz, Tariq R. (Department: 3623)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Insurance
C705S002000, C705S003000
Reexamination Certificate
active
06725201
ABSTRACT:
FIELD OF THE INVENTION
The present invention pertains to an apparatus and method for providing insurance products, services and/or coverage for leased entities and, in particular, to an apparatus and method for providing insurance products for leased and/or rented vehicles, personal as well as business articles and entities and residential and commercial premises and properties.
BACKGROUND OF THE INVENTION
In recent times, a growing number of individuals and business concerns have turned to leasing and/or renting articles such as automobiles, boats, airplanes, office equipment, computers and computer equipment and various other articles. Residential as well as commercial property leases and rentals have also been popular and, in many situations, necessary.
Leasing and renting, however, place responsibility for the care and well-being of the leased and/or rented entity upon the respective lessee or renter. The leased or rented entity or premises must be maintained and delivered back to the lessor or landlord in relatively good condition. In this regard, wear and tear which is in excess of normal wear and tear is typically not acceptable to the lessor or landlord without the lessee or renter being held responsible for this excess wear and tear and/or damage. The lessee or renter is also usually held responsible for post-warranty repairs which are required and which may result from normal wear and tear, the malfunction and/or failure of any components and/or systems of the leased and/or rented entity and/or from any defects in material and/or workmanship in any component and/or system of the leased and/or rented entity. In this regard, the lessee or renter will typically be held financially responsible for this excess wear and tear and/or damage, including post-warranty repairs, to the leased and/or rented entity.
Oftentimes, excess wear and tear of a leased or rented article or premises may be beyond the lessee's or renter's control, yet the lessee or renter may still be held financially liable for the resulting repairs and/or repair bills in excess of any previously paid security deposit. This can lead to a financial hardship and an unexpected financial burden to many. In the case of leased motor vehicles, the excess wear and tear charges may be substantial. The same may hold true for leased boats, recreational vehicles, airplanes as well as leased office equipment, computers and computer equipment. Lastly, those who lease or rent residential and/or commercial premises may also find themselves with substantial liability upon termination of their lease and/or rental relationship with the landlord or property owner.
SUMMARY OF THE INVENTION
The present invention provides an apparatus and a method for overcoming the shortfalls of the prior art and provides an apparatus and a method for providing insurance products, services and/or coverage which provides insurance coverage for protecting individuals and/or business entities from liability which may arise as the result of excess wear and tear and/or damage which may occur to a leased and/or rented entity during the lease and/or rental term, and further, for protecting individuals and/or business entities from liability for post-warranty repairs.
The apparatus comprises a central processing unit, a read only memory device, a random access memory device, a user input device(s), a display device, an output device and a database. The database contains data and/or information which is relevant to determining insurance policies and premiums related to the leasing and/or rental of vehicles, motor vehicles, boats, recreational vehicles, airplanes, aircraft, motorcycles, office equipment, computers, computer equipment and other articles, personal and/or commercial, which may be the subject of a lease or rental arrangement. The database also includes data and/or information which is relevant in determining insurance policies and premiums for residential and/or commercial properties and/or premises.
Data and/or information, which is related to vehicle leases, includes vehicle year, model, vehicle components and/or systems along with their repair costs, replacement costs, probability of damage, probability of post-warranty repairs necessitated by wear and tear, damage, malfunctioning components and/or systems and defects in materials, parts, components, systems and/or workmanship, average costs for repairs, historical leasing data including costs of typical repairs, average total excess wear and tear costs for the entire vehicle. Vehicle leasing data and/or information also includes locality, regional and geographical data which is correlated with excess wear and tear along with data and/or information which is related to driving habits and/or patterns in a given area or areas. Data and information related to individuals and/or business entities, by region, occupation etc, including driving habits, leasing histories, etc., will also be included in the database.
The database will also include data and/or information for particular individuals and/or business entities which includes personal, individual and/or organizational driving and/or usage patterns and/or driving histories and leasing histories as well as any other information which an insurer may deem necessary and/or desirable in determining whether insurance should be offered to an individual and/or business entity.
Data and/or information related to the leasing and/or rental of any other leasable article and/or entity, such as, for example, personal, residential and/or commercial office equipment, computers, computer equipment, facsimile machines, copy machines, furniture as well as any other article, piece of equipment and/or entity (hereinafter referred to as “leasable article” or “article”) are also included in the database. Leasable article data and/or information includes article year, model, article components and/or systems along with their repair costs, replacement costs, probability of damage, probability of post-warranty repairs necessitated by wear and tear, damage, malfunctioning components and/or systems and defects in materials, parts, components, systems and/or workmanship, average costs for repairs, historical leasing data including typical repair costs and average total excess wear and tear costs for the entire article. Article leasing data and/or information also includes locality, regional and geographical data which is correlated with excess wear and tear along with data and/or information which is related to use habits and/or patterns in a given area or areas. Data and information related to individuals and/or business entities, by region, occupation, etc., including use habits, leasing histories, etc., will also be included in the database.
The database will also include data and/or information for particular individuals and/or business entities which includes personal, individual and/or organizational use habits and/or patterns and/or use histories and leasing histories as well as any other information which an insurer may deem necessary and/or desirable in determining whether insurance should be offered to an individual and/or business entity.
Data and/or information related to the lease or rental of residential and/or commercial premises which are included in the database, includes type and age of premises, parts and/or components and/or systems of the premises along with their repair costs, replacement costs, probability of damage, probability of post-warranty repairs necessitated by wear and tear, damage, malfunctioning components and/or systems and defects in materials, parts, components, systems and/or workmanship, average costs for repairs, historical leasing and/or renting data, including typical repair costs and average total excess wear and tear costs for the entire premises. Premises leasing data and/or information also includes locality, regional and geographical data which is correlated with excess wear and tear along with data and/or information which is related to use habits and/or patterns in a given area or areas. Data and information
Hafiz Tariq R.
Jeanty Romain
Joao, Esq. Raymond A.
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