If the adverse weather conditions anticipated in the policy occur, as recorded by WDT, the policyholder will no longer need to file a claim in order to receive payment.
Beazley Weather Guard protects event organizers against the effects of severe weather that may cause 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.
If the policyholder selects WDT as its claims verification source, the company will send both the policyholder and Beazley its weather records for the event location during the event. If the weather recorded reaches or exceeds the severity levels specified in the policy, Beazley will settle the claim automatically.
Automatic claims service is one of a number of benefits that event organizers can enjoy 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 easily consult 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 Beazley contingency underwriter Christian Phillips. "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."
A demonstration version of Beazley Weather Guard can be seen here.
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