Financial engineering offers the potential to significantly reduce the consumption fluctuations faced by individuals, households, and firms. Yet much of this potential remains unfulfilled. This paper studies the adoption of an innovative rainfall insurance product designed to compensate low-income Indian farmers in the event of insufficient rainfall during the primary monsoon season. Cole et al. first document that only 5-10 percent of households purchase the insurance, even though they overwhelmingly cite rainfall variability as their most significant risk. They then conduct a series of randomized field experiments to test theories of low product adoption. Insurance purchase is sensitive to price, with an estimated extensive price elasticity of demand ranging between -0.66 and -0.88. Credit constraints are a key barrier to participation, a result also consistent with household self-reports. The authors find mixed evidence that subtle psychological manipulations affect purchases and no evidence that modest attempts at financial education affect household participation.