New policy responds to increase in online events under social distancing
London, UK (June 23, 2020) – Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a virtual event.
Streaming live events is not new in itself, however with social distancing rules in place to reduce the spread of COVID-19, many major events have been either cancelled, postponed or moved online.
Beazley’s virtual events transmission policy supports organizers whose success relies on technology platforms providing seamless transmission or broadcast to their audiences. If an event is cancelled due to transmission failure, the policy covers first-party losses including organizational costs, expenses, or gross revenue from advertising and ticket sales.
The cover is available on a global basis and offers limits of up to $10m.
Mark Symons, contingency underwriter at Beazley, said: “For a long time, many events, from business conferences through to music festivals, have had an online element, which has been covered by endorsement to an event insurance policy. However, as a result of the coronavirus we are seeing far more events either being reorganized or created from scratch for purely virtual audiences. Even with lockdown easing, we expect this to continue both in business and leisure as people continue to avoid unnecessary crowds. These events are completely reliant on the technology working and a failure can be financially crippling, which means having robust insurance in place is a must. Beazley’s virtual events transmission policy is designed to provide simple and clear cover tailored for the risks involved with hosting virtual events.”
This standalone policy complements Beazley’s existing portfolio of cover including media & technology liability insurance, which offers protection for providers of technology platforms that are responsible for the online broadcast or streaming of live events.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2019, underwrote gross premiums worldwide of $3,003.9m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information, please visit www.beazley.com.
SOURCE: Beazley via KetchumZitoTags: Beazley, coronavirus, epidemic, launch