Beazley launches insurance coverage for cancellations
Specialist insurer Beazley has launched a new product which it says is aimed at protecting conference and exhibition organisers from losses incurred through cancellations driven by unforeseen events.
Beazley claims the new product, Conference and Exhibition, will offer a level of cover not currently available in the Australian market.
Commenting on the new offering, Beazley contingency underwriter AL Dart said statistics showed 2011 was the worst year ever for insured catastrophes.
"Events can be affected in any number of ways - for example if a major incident means speakers and delegates are unable to attend a conference, this can result in a significant financial loss for the organisers," he said.
"In 2011 events were cancelled due to the Queensland floods, Japanese earthquakes and Christchurch earthquakes," Dart said.
"Beazley's expertise in specialist niche areas of insurance means we are ideally positioned to bring an enhanced version of this already successful insurance product to the Australian market and raise awareness of how it can curb potential large financial losses," he said.
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