Janice L Co

US Patent:

20030120520, Jun 26, 2003

Filed:

Oct 21, 2002

Appl. No.:

10/274367

Inventors:

David Cumming - Park City UT, US
Janice Co - Lake Forest IL, US

International Classification:

G06F017/60

US Classification:

705/004000

Abstract:

A system and method for determining an equity protection insurance policy (EPIC) for investors or shareholders to protect their equity investment in a business entity based on the happening of a fortuitous event is disclosed. The EPIC is in the form of an insurance policy or a put option, in which the shareholder pays lower premiums for the option to sell the equity interest in the entity to the issuer (e.g., carrier) of the EPIC upon the happening of a fortuitous event, such as an E&O claim. Alternatively, rather than receiving an indemnity payment or a purchase of the investment as protection, the present invention also can be formulated as a letter of credit. In this embodiment, the shareholder pays a very low premium in exchange for a letter of credit promising to lend the investor a predetermined amount that is calculated to be sufficient to re-establish an investor's business or start over in the same or similar line of work.

US Patent:

6470321, Oct 22, 2002

Filed:

Jul 28, 2000

Appl. No.:

09/628949

Inventors:

David T. Cumming - Park City UT
Janice Co - Lake Forest IL

Assignee:

Forthcoming LLP - Park City UT

International Classification:

G06F 1700

US Classification:

705 4, 705 1

Abstract:

A system and method for determining an equity protection insurance policy (EPIC) for investors or shareholders to protect their equity investment in a business entity based on the happening of a fortuitous event is disclosed. The EPIC is in the form of an insurance policy or a put option, in which the shareholder pays lower premiums for the option to sell the equity interest in the entity to the issuer (e. g. , carrier) of the EPIC upon the happening of a fortuitous event, such as an EO claim. Alternatively, rather than receiving an indemnity payment or a purchase of the investment as protection, the present invention also can be formulated as a letter of credit. In this embodiment, the shareholder pays a very low premium in exchange for a letter of credit promising to lend the investor a predetermined amount that is calculated to be sufficient to re-establish an investors business or start over in the same or similar line of work.