The weather outside is frightful: Insurer launches digital weather insurance policy
Insurer Beazley has launched a digital-only insurance policy aimed at allowing events organisers to protect against extreme weather conditions.
The new product, Weather Guard, is aimed at organisers of outdoor events that may be affected by severe weather or retailers insuring weather-related sales promotions.
The digital policy can be accessed via a mobile device and aims to sets out the policy in plain language, showing exactly how it would be triggered, how much is insured and any deductible.
Read more: Met Office issues London and South East weather warning for rain and wind
Beazley contingency underwriter Christian Phillips said: “If you’ve bought a Beazley Weather Guard policy to protect your event against heavy snow, your digital policy will specify ‘snow’ and explain how many inches of snow will trigger coverage. If the covered peril is excessive heat or cold, your policy will explain how high or low the temperature needs to be to trigger coverage. It’s entirely personalised.”
Recent unpredictable weather conditions have shown the impact that weather can have on businesses.
Unseasonable snow in February and March, the so-called “Beast from the East”, affected companies ranging from retailers to insurers.
Read more: Bad weather will (temporarily) reduce UK GDP growth say forecasters
Despite a recent sunny patch, the foul weather has returned this week with the Met Office issuing yellow warnings for wind and rain across London and the South East today.
It has also warned that flooding is a possibility, saying homes and businesses could be affected, while power cuts may occur, with “the potential to affect other services”.