This concept note describes an innovative risk transfer product being introduced by La Positiva (a Peruvian insurance company) with assistance from GlobalAgRisk, Inc.. The insurance product provides indemnities to financial institutions and other enterprises before a severe El Niño event emerges as indicated by an index of sea surface temperature (SST) in the Pacific Ocean. Unlike most forms of insurance, this insurance will pay before the catastrophe emerges using ENSO 1.2 values in advance of severe weather on the mainland. This is highly significant as it affords the opportunity to use indemnity payments for needed adjustments and adaptation strategies to mitigate the losses and serious disruptions that are likely to be encountered. This insurance will be ENSO Business Interruption Index Insurance (EBIII).