Adverse weather can jeopardise business growth, lead to unbudgeted expenditure and cause volatility in earnings. Event organizers are among the many organizations that can protect their revenues from unexpected severe weather conditions through our bespoke weather products.
Weather Guard
Weather Guard provides flexible insurance cover that gives the insured control over the key elements of their insurance – the type of cover, weather peril (rainfall, wind speed, snowfall, maximum or minimum temperature and general adverse weather), the intervention threshold(s) and coverage duration.
The product is powered by Beazley’s access to a comprehensive weather database that sources hourly and daily weather information from over 4,400 stations worldwide.
Event weather - Predetermined weather triggers lead to losses at an event such as a fair, festival or concert.
Sales promotions - Creates distinct marketing campaigns linked to weather, support sales targets and differentiate from competitors, while offering consumers full or partial refunds on items purchased during promotional sales period.
Seasonal Snowfall - Income stabilization & Cost containment
Income stabilization- Uses the occurrence of a lack of weather events to normalize operating revenues.
Cost containment - Uses the occurrence of an excess number of weather events or to normalize operating expenses.
Hurricane Contingent Business Interruption Cover
Hurricanes can be devastating to your business even while leaving your property unscathed. If your business is in the path of a predicted hurricane, you could suffer significant financial loss. But without property damage to your business location there can be no business interruption claim.
Beazley’s Hurricane Business Interruption Cover fills this coverage gap, reimbursing lost revenues for your business locations that suffer no property damage due to hurricane threats.
Weather Guard is now available via a powerful online solution, myWeatherguard, that enables our brokers with quote-to-bind functionality for their clients.
It offers:
Additional perils and coverage enhancements available directly through Beazley:
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Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
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Weather Guard
Sports events, festivals, concerts and many other types of outdoor events rely on favorable weather in the set-up and while the event is live. Beazley Weather Guard can be tailored so that if pre-determined triggers lead to a partial or total cancellation the organizer or promoter is covered. For example, the organizer of an automobile race could suffer a loss of revenue if rainfall on the morning of the racing event reduces the number of walkup spectators, leading to a loss of revenue. A HVAC retail store runs weather related promotion in July and December, offering its consumers their money back if they purchase equipment in the store during the promotion sales period and if a pre-determined weather event occurs (e.g. rainfall, temperature, snowfall) on Independence Day and Christmas day. The trigger for the policy to pay out is the pre-determined event occurring at a given location on Christmas Day.
A film production company requires at least eight “dry-hours” during the day, either consecutively or non-consecutively to shoot an outdoor scene for a film. If there are less than eight “dry-hours”, then the shoot would be a wash-out and considerable expense would be incurred in terms of rescheduling the shoot for an alternative date. Beazley Weather Guard can insure the day’s shoot, and cover the rescheduling costs should the weather conditions create a claim.
Hurricane Contingent Business Interruption Cover
With 48 hours prior to landfall, Hurricane Florence was looking like a worst case scenario for Myrtle
Beach. A category 4 or 5 storm heading for a direct hit, in September when weekends are still generating revenues from tourists for local restaurants, hotels and attractions. With a state of emergency declared,
business owners had no choice but to board up for the weekend and pray for the best outcome. Luckily, those prayers were heard as Florence downgraded as it approached the coast and Myrtle Beach was spared the destruction it thought was imminent just 48 hours prior.
Unfortunately, though for those business operators, they were now looking at a days and possibly weeks’ worth of zero revenues before tourists would come back in expected numbers. With glass and roof intact and roads accessible, property insurers were not responsible for any business interruption losses as there was no physical damage.
That’s where Hurricane Business Interruption Cover Due to Non-Physical Damage coverage filled the gap. With a business location inside a 100-mile radius of the forecasted cone while the storm was a category 2 or above, Beazley’s coverage triggered and provided lost business income coverage for up to a 30-day period directly following the storm’s arrival.
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