Arch Insurance International, a division of Arch Capital Group, has introduced a parametric event insurance solution.
This product is designed to offer immediate claims payment upon event cancellation or postponement.
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It caters to a variety of regional events across the UK and Europe, including conferences, exhibitions, and music and sports events.
In addition to the traditional indemnity coverage, the insurance offering provides a parametric option that offers claims settlement up to a pre-selected limit.
Arch’s product features several extension options to customise coverage according to the specific needs of insureds.
These extensions cover risks such as civil commotion, computer system failure, key person, national mourning and terrorism.
The cover is accessible through Arch’s platform, Arch IQ, which offers an instant quote and bind service.
For risks requiring indemnity limits up to £5m ($6.3m), Arch IQ processes the cover without the need for referrals.
Arch contingency underwriter Timothy Rolph is tasked with overseeing both the product and Arch IQ.
Arch head of contingency and accident & health Chris Rackliffe 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.”
Last month, Arch Insurance North America, another division of Arch Capital Group, finalised an agreement to acquire the US assets of Allianz Global Corporate & Specialty.
The transaction includes the purchase of AGCS’ US MidCorp and entertainment insurance businesses, along with select specialty insurance programmes.
