PRODUCT: Beazley Weather Guard
COMPANY: Beazley
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through Beazley-appointed insurance brokers.
FOCUS: Many traditional paper-based insurance policies contain lengthy sections of definitions that require policyholders to flip back and forth when attempting to determine exactly what their coverage entails. Changes, meanwhile, are usually accomplished via endorsements that are appended to policies rather than included within.
In order to simplify this often-cumbersome process, Beazley has launched Beazley Weather Guard: a digital insurance policy that “describes precisely what the policyholder has bought in plain English,” says Nicholas Hanes, contingency underwriter at Beazley.
The language of the new digital policy, which is accessible via any smartphone, PC or laptop and on all browsers, describes precisely—and exclusively—the coverage purchased. The first sentence of each policy spells out the trigger for coverage, together with the sum insured in dollars (or other applicable currency) and any self-insured deductible.
Additionally, insureds can access any definition by simply clicking on the term, and any changes are incorporated immediately into policy wording—ensuring that coverage is always up to date.
“Beazley is committed to clear policyholder communications that eliminate redundant and obscure language,” Hanes explains. “Our new digital policy was designed for ease of use and integrates the definitions and any changes into the policy wording itself.”
Beazley’s contingency team has more than 20 years of experience in providing insurance for the sports, entertainment, leisure, conference, exhibition and trade show industries.
COVERAGE DETAILS: Tapping into a meteorological database stretching back more than four decades and sourcing data from more than 5,500 weather stations worldwide, Weather Guard protects event organizers, retailers and other companies against the effects of severe weather that can jeopardize business growth, lead to unbudgeted expenditures and cause volatility in earnings.
Each policy’s pre-determined triggers are precise for each peril; that specific weather event automatically triggers coverage. “This feature eliminates the need for filing a claim and speeds up payment to the insured,” Hanes explains.
UNDERWRITING: Limits are available up to $5 million and will cover most events except those offshore or at high altitude. Applicants may select type of coverage, peril (rain, snow and temperature), trigger level and duration of coverage on the quick and convenient email application or traditional paper form, with an online application coming soon.
MINIMUM PREMIUM: N/A.
TARGET: Weather Guard is designed for sporting events, festivals, concerts and many other outdoor events that rely on favorable weather during set-up and while the event is live.
The policy is also a solution for retailers offering a promotion when a pre-determined weather event occurs; hotels and resorts that could experience inclement weather; companies whose business income is directly impacted by weather conditions; theme parks; films being shot outdoors; and airport operators or local municipalities.
COVERAGE TERRITORY: Weather Guard is currently available for U.S.-domiciled insureds, with risk locations worldwide.
COVERAGE AVAILABILITY: 30 U.S. states, with more being added regularly.
CONTACT: Nicholas Hanes, contingency underwriter; Beazley Group, 141 Tremont Street, Boston, MA 02111; 617-239-2604.
Jacquelyn Connelly is IA senior editor.
