Beazley’s Weather Guard policy protects event organisers against the effects of severe weather that may lead to the cancellation of an outdoor event. It can also be used by retailers to insure weather-related sales promotions, linking a sales refund to an unusual weather event.
Under the new deal, policyholders who opt for WDT as their claims verification source will no longer need to file a claim for insurance payout if the adverse weather conditions anticipated in the policy occur, as recorded by WDT.
The policyholders and Beazley will both receive weather records for the event location during the event. If the weather reaches or exceeds the severity levels specified in the policy, the insurer will settle the claim automatically.
Automatic claims service is one of a number of benefits provided under the new Beazley Weather Guard policy. The policy has also been redesigned as the insurance market's fully personalized digital policy that policyholders can access on a mobile phone or other portable device.
"Our clients need swift claims service and flexible insurance coverage to address the wide range of weather risks that could imperil their events," said Christian Phillips, Beazley contingency underwriter. "But they also want simply worded policies – no one likes insurance small print. We believe we've created the simplest insurance policy on the market – one that can be entirely personalized to reflect exactly the coverage the client has bought."
