Beazley launches digital weather insurance policy for outdoor events
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London-based insurer Beazley P.L.C. said Monday that it launched Beazley Weather Guard, a “plain English” digital insurance policy designed to protect event organizers against the effects of severe weather that may cause the cancellation of an outdoor event.
Beazley Weather Guard can also be used by retailers to insure weather-related sales promotions, linking a sales refund to an unusual weather event, Beazley said in a statement, and it also describes in plain English precisely what coverage the policyholder has purchased.
The language of the new digital policy can be accessed on a mobile device. 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.
Limits up to $5 million are available, a Beazley spokeswoman said in an email.
Beazley said it integrated the two parts of the Weather Guard policy into a personalized digital HTML document that is shorter and easier to understand than typical insurance policies.
Beazley’s digital Weather Guard policy also allows users to quickly access definitions used in the policy. Any mid-term changes can be incorporated immediately into the policy wording, ensuring that the coverage described in the wording is always up to date.
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