Following Superstorm Sandy, one thing became clearer to Beazley:there is a need for event cancellation coverage.

|

Beazley, a leading insurer of event cancellation and other formsof contingency business at Lloyd’s, says it will start underwritingthe risk in the United States beginning in 2013.

|

“Superstorm Sandy highlighted once again the need on the part ofthe event organizers for robust event cancellation coverage,” saysChris Rackliffe, head of Beazley’s contingency team, in a statement“We see great opportunity in the U.S. market.”

|

Sandy canceled the New York Marathon, Broadway shows, anddelayed or canceled events, like concerts and other shows inAtlantic City, N.J.

|

Beazley says Christian Phillips will be leading the growth ofthe U.S. account. He is credited with building the contingencybusiness in London, Beazley says.

|

Phillips will be located at Beazley’s Philadelphia officebeginning in early January.

|

Phillips says Beazley’s policy “covers costs and expensesincurred to put the event on and also lost revenue [such as] ticketsales should they need to be refunded due to the event beingcancelled. In this scenario the loss of revenue would be deemed asbusiness interruption.”

|

On a non-admitted basis, Beazley will underwrite eventcancellation, non-appearance, prize indemnity and weather businessin the U.S.

|

Rackliffe says Beazley currently underwrites a lot of U.S. riskat Lloyd’s and will continue to do so, but “there is also a widerange of U.S. business that we cannot readily access through ourexisting distribution channels.”

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.