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.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.