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CDMA, working through the Bermuda-based segregated account, will also be responsible for development of the programme around the globe, embracing among other areas, the Far East, ASEAN, South Asia, the Pacific, the Middle East, Eastern Europe, Africa, The Caribbean and Latin America.
The policies will be available through the Bermuda-based insurance segregated account and will be tailor-made to the needs of each client country or region and will be based on the following principles: -
Scope of cover to be agreed in advance and country-specific
Claims payable within 5 days of the occurrence of a defined event, using parametric triggers established in consultation with independent scientific experts and the interested governments, subject to validity of claim.
Premium amounts based on frequency, severity and impact of a natural peril(s)
Priority will be given to emergency relief, debt service and fiscal interruption
Countries will be encouraged to put approved disaster management programmes in place
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