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$1,000 Grand Prize: Mitigating Risks to Vulnerable Populations
This type of insurance would mainly protect economically vulnerable populations, who do not always have the financial means to complete the formalities that are required of them for different administrative reasons. Such populations may include low-income families, students, occasional workers, retirees, the disabled, immigrant residents, among others.
The idea of paperwork insurance would enable the insured to request financial help from the insurer, in order to cover the costs of significant administrative formalities, relating mainly to documentation. It should be noted that "paperwork" here does not necessarily refer to the use of physical paper in the procedures, but to all administrative activity and documentation.
The formality would have to be reasonably beyond the financial means of the insured at the moment of request, in order to be open for a claim. Evidence supporting a claim may include letters or other forms of correspondence from official institutions (i.e. governments, schools), or other documents proving the necessity or urgency to complete the administrative formality. Perhaps invoices could serve as evidence, so the claim would be a reimbursement in that case.
For very vulnerable populations, maybe the coverage should start at expenses equal to $50, up to hundreds of dollars for longer and more complicated formalities. Coverage may be rendered in the form of cash payments, vouchers, reimbursements, direct wire, for instance.
All throughout their lives, people find themselves with tons of paperwork to complete for administrative purposes. Though some are minor, there are occasions where the accumulation of requests and processes inevitably increase costs, which often either become insurmountable or considerably delay the completion of the paperwork. Among the most costly formalities are registration, transaction, residency and travel obligations, whether public or private.
Paperwork insurance could be suggested as an option in general home or family insurance.
NOTE: The idea is not to help people complete forms (or to fill in the blanks, name, age, etc.), as this is not really the focus of insurance by definition. Rather, the idea is to help them pay the costs required to obtain the documentation or title or authorization and so on that they need. There are costs which are sometimes unknown or unexpected, and that you must pay in order to obtain what you need (e.g. notary, bailiff, taxes, duties, customs, ID documents such as certificates, expat papers, green cards, car registration documents, etc.).