WeatherBill changed its name to The Climate Corporation and its website URL to www.climate.com.
It offers insurance on crop losses due to weather events. Its coverage will kick in before federal crop insurance.
Early frost damaged many acres of soybeans in southern Minnesota.
WeatherBill, a weather insurance company, just announced a name change. The company is now officially named The Climate Corporation. Company officials say the change was made to better reflect its mission, which is helping people and businesses adapt to climate change.
Along with a change in the name is a change in website URL. The Climate Corporation website can be found at www.climate.com. The company also may be followed on Twitter @climatecorp.
The Climate Corporation offers automated, full-season weather insurance that complements federal crop insurance. The Total Weather Insurance closes a gap that growers face with government program limits. It helps them recoup more potential yield loss on crops.
The company is experiencing phenomenal growth. It reports a 1,000% increase in policies sold this past year and has tripled its employee count in the past six months.
Total Weather Insurance (TWI) is the Climate Corporations’ flagship program. It addresses farmers’ exposure to financial loss even when they fully utilize federal crop insurance programs. Farmers can lock in profits by protecting against weather events that decrease yield before government coverage kicks in.
While traditional crop insurance requires crop inspections to verify losses, The Climate Corporation automatically sends payments when specified weather conditions occur. The weather is measured by independent sources such as the National Weather Service.
The Climate Corporation relies on its technology that allows it to ingest daily weather measurements from 2.5 million locations and forecasts from major climate models. The data are processed and used in the company’s weather insurance pricing and risk analysis systems.
Also announced with the name change is the appointment of U.S. Senator Byron Dorgan to The Climate Corporation’s board of directors. He was a 30-year member of the U.S. Congress, serving in both the Senate and House of Representatives. From North Dakota, he currently is senior policy advisor at the Washington, D.C., law firm Arent Fox LLP, a senior fellow at the Bipartisan Policy Center, and a visiting professor at Georgetown University.