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Arch launches instant quote and bind regional events insurance solution

Event cancellation coverage on an indemnity and pioneering agreed value basis offered through Arch IQ®, a new instant quote and bind platform

Arch Insurance International Arch has announced the launch of its specialist regional events insurance for UK-domiciled insureds, available via Arch IQ®, a new quote and bind platform.

 

The product provides comprehensive event cancellation cover for a wide range of UK and European regional events, including conferences and exhibitions, fairs and fêtes, music events, and sports events.

 

In addition to offering traditional indemnity coverage, Arch is the first insurer to provide event cancellation cover available on an agreed value basis. This parametric option provides coverage up to a chosen limit, ensuring immediate claims payment upon confirmation of cover following the cancellation or postponement of an event.

 

The product also offers a selection of extension options, enabling coverage to be tailored to insureds’ specific needs. These include civil commotion, computer system failure, key person, national mourning and terrorism. 

 

The cover is available via Arch’s new instant quote and bind platform, Arch IQ. With a minimal question set, the online system enables brokers to secure a quote in as little as 60 seconds and instantly bind the risk. In addition, risks with limits of indemnity up to £5 million can go through Arch IQ without the need for a referral.

 

Timothy Rolph, Contingency Underwriter, will manage the product and Arch IQ to ensure brokers are provided with a responsive service and have access to technical expertise for more complex risks.

 

Chris Rackliffe, Head of Contingency and Accident & Health said: “The launch of our regional event cancellation insurance via Arch IQ is an exciting milestone in our digital strategy to improve our service capabilities and deliver the speed and efficiency of online trading supported by dedicated underwriting expertise. Our aim is to provide quick and simple access to complex events coverage for insurance buyers who may have traditionally found it difficult to obtain this type of protection, and with our innovative agreed value option, insureds have the reassurance of a swift claims service.”

 

He added: “We view the human aspect of digital trading as an essential part of meeting our brokers’ and clients’ needs. Timothy will be focused on working with our brokers to develop our digital Contingency solutions, including expanding the geographic reach of our products and adding event liability coverage to the Arch IQ platform.”

 

 

 

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