Abstract
This paper is about developing and applying insurance models for historic landmarks that are in locations that experience extreme weather events. In order to make it,we devided this whole problem into 2 Questions as followed. Question 1 is about developing an insurance model for property owners and developers in areas that experience extreme weather events.The model has considered the risk level, feasibility, and desirability of the insurance, and use the Bayesian graph, maximum likelihood distribution, function graph, and entropy weight method to construct and evaluate the model.Question 2 is about applying the insurance model to a specific case study, which is the Cape Hatteras Lighthouse in North Carolina. We’ve assessed the value of the lighthouse, and compare and contrast the insurance options for the lighthouse before and after the relocation.All in all, the paper demonstrates the models using the Cape Hatteras Lighthouse as case study, and provides some results, implications, and recommendations for the stakeholders.
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