Beazley Weather rd Guard Event (US. Indemnity)

Transcription

1 Beazley Weather rd Guard Event (US. Indemnity)

2 Beazley Weather Guard Event (US. Indemnity) Page 2 Beazley Group is specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd s syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd s syndicates are rated A by A.M. Best. Beazley s global business is transacted through six divisions: life, accident and health; marine; political risks and contingency; property; reinsurance; and specialty lines. This diversity of Beazley s portfolio and the expertise of the group s underwriters have supported an unbroken 25 year record of profitability. Underwriting Christian Phillips Contingency Underwriter T +44(0) Christian.phillips@beazley.com Claire Atley Contingency Assistant Underwriter T +44(0) claire.atley@beazley.com Claim notification Hannah Purves Head of PCG Claims T +44(0) Hannah.purves@beazley.com YOU ARE REQUESTED TO READ THIS POLICY AND, IF IT IS INCORRECT, RETURN IT IMMEDIATELY TO YOUR BROKER OR AGENT FOR ALTERATION.

3 Beazley Weather Guard Event (US. Indemnity) Page 3 Contents Schedule Part 1 - Definitions Part 2 - What Is Covered Part 3 - General Conditions Part 4 - Exclusions Part 5 - Claims Procedure

4 Beazley Weather Guard Event (US. Indemnity) Page 4 Schedule 1. Name of Insured YOUR DETAILS 2. Address of Insured 3. Telephone Number of Insured 4. Address of Insured 5. Application Date 6. Coverage Period Date of Coverage Hours of Coverage Limit Per Day 7. Promotion Period Date From: Date To: Time From: Time To: 8. Date by which final sales must be notified to Insurer: POLICY DETAILS 9. Event or Promotion Name and Type 10. Event or Promotion Location (including City, State and Zip Code) 11. Insured Perils (check only those that apply) Severe Wind with Average Sustained Wind, Maximum Sustained Wind, Minimum Sustained Wind, or Sustained Wind Speed of Hurricane Lightning Newly Fallen Snow measuring Rainfall measuring Extreme Temperature measuring Adverse Weather Other weather event described as 12. Claims Verification Source 13. Sum Insured PREMIUM / TERMS 14. Premium 15. Deductible 16. Who to notify of a Loss 17. Telephone Number of Person/Entity to be Notified 18. Address of Person/Entity to be Notified 19. Name of Insurer providing this Insurance

5 ADDITIONAL TERMS AND CONDITIONS Beazley Weather Guard Event (US. Indemnity) Page 5

6 Beazley Weather Guard Event (US. Indemnity) Page 6 Part 1 Definitions An explanation of what words mean. These words will have the same meaning wherever they appear in bold letters within the Policy, Schedule, Endorsements and Extensions. Abandonment Ascertained net loss Cancellation Claims verification source Coverage period Schedule Deductible Event Event location Gross revenue Independent onsite weather observer means the inability to proceed with the insured event(s) once commenced. means such amount in excess of any deductible stated in the schedule as represents the reduction in gross revenue which you can demonstrate to us would have been earned from the insured event(s) had a loss not occurred. means the inability to proceed with the insured event(s) prior to the scheduled commencement. means the designated meteorological weather station stated in the schedule at which the recording of the insured peril will take place as stated in the schedule and agreed in advance by us. means the exact date and hours on which the insured Peril must occur, as stated in the schedule. Hours specified refer to Standard time of the day. Where Daylight Savings time is in use, Standard time shall mean Daylight Savings time. means the attachment to this policy which sets out your details and the details of the event and the coverage provided. is stated in the schedule and is retained by you at your own risk and uninsured. means the event or events stated in the schedule. means the location(s) stated in the schedule where the event is to be held. means all monies which would have been paid or payable to you from every source arising out of the insured event(s) had a loss not occurred. is an independent meteorology entity, vendor or professional independent meteorologist, pre-qualified and agreed in advance by us and paid for by you and whose exact address for on-site or off-site verification is known and agreed in advance of the coverage period.

7 Beazley Weather Guard Event (US. Indemnity) Page 7 Insured peril means the measurement of perils, as stated in Item 11 in the schedule for each coverage period as measured by the claims verification source. Only the peril(s) listed in Item 11 of the schedule are covered under this policy. 1. Average sustained wind means wind values that are taken every 15 minutes, excluding gusts, with the average of four vales given as the recorded average wind speed per hour. 2. Hurricane is a tropical storm event defined on Saffir-Simpson Hurricane Scale Category 1-5 which must track within 100 miles of the location of the event location during the coverage period and cause the necessary cancellation or abandonment of the event. 3. Lightning means a visible electrical discharge produced by a thunderstorm. 4. Maximum sustained wind speed means readings wind values that are recordered every 15 minutes, excluding gusts, with the maximum of the four values given as the recorded maximum wind speed per hour. 5. Minimum sustained wind means readings that are recorded every 15 minutes, excluding gusts, with the minimum of the four values given as the recorded minimum wind speed per hour. 6. Newly fallen snow means precipitation in the form of ice crystals often joined together as snowflakes. 7. Rainfall refers to precipitation of liquid water drops. 8. Temperature means the ambient air temperature measured in degrees Centigrade unless otherwise agreed by us. Sum insured We, Us, Our You, Your Part 2 is the maximum amount payable by us to you under this policy as stated in the schedule and/or as per the schedule of daily limits. means the Lloyds Underwriters providing this insurance. means the your details as shown in the schedule. What is covered An explanation of what is covered by the Policy. Subject always to the terms, conditions, limitations and exclusions contained herein or endorsed hereon: 1. This policy is to indemnify you for your ascertained net loss as a sole and direct result of an insured peril occurring during the coverage period, at the event location as recorded and reported by the claims verification source. 2. This policy also indemnifies you for your proven additional costs or charges reasonably and necessarily paid by you to avoid or diminish a loss payable hereunder, provided such additional costs or charges do not exceed the amount of

8 Beazley Weather Guard Event (US. Indemnity) Page 8 loss thereby avoided or diminished. 3. Our maximum liability shall not exceed the sum insured stated in the schedule. Part 3 General conditions General conditions that are applicable to Your Policy 1. Any fraud, concealment, or intentional misstatement or negligent statement of the information provided or in the making of a claim, shall entitle us to refuse payment of a claim or treat this policy as though it had never existed. 2. No other policy shall be effected by you to protect the interest insured under this policy without our prior written approval. in the event that such other policy is effected, we reserve the right to amend the terms and conditions of this policy. 3. This policy is non cancellable and there can be no return of premium unless otherwise stated in the schedule. 4. No suit shall be brought upon this policy unless you have complied with all the provisions of this Policy and has commenced suit within twelve months after the loss occurs. 5. It is mutually agreed that this policy shall be governed and construed in accordance with the laws and jurisdiction stated in the schedule. 6. It is mutually agreed that the insured perils and recording requirements stated in the schedule and defined herein are described in accordance with national meterological entity in the country where the insured event is located. 7. The hours specified in the coverage period of the schedule refer to the standard time of the day at the location of the event. Where Daylight Savings time is in use, standard time shall mean daylight savings time 8. This Insurance shall be void if, whether before or after a loss, you (or your agent) fails to disclose and/or misrepresents (whether innocently, negligently or deliberately) any material fact concerning: a. This Insurance, b. The insured event covered by this Insurance, c. Your interest in this Insurance, d. Any claim under this Insurance. 9. You shall maintain adequate records in connection with the subject matter insured hereunder, and we may examine your records at any time during the policy period and one year thereafter. 10. In the event that the weather recording of the insured peril is not available to us from the claims verification source stated in the schedule due to: a. Mechanical failure, malfunctions or miscalculations; or b. the independent weather observer fails to appear; or c. provides a flawed or incomplete recording; or d. does not meet qualifications and requirements; or e. does not measure the insured peril according to the definitions, terms and conditions herein; Then a recording shall be taken from the national weather service station, nearest

9 Beazley Weather Guard Event (US. Indemnity) Page 9 to the event location, and capable of providing the detailed weather report, will be accepted by you to us; and will be used to validate any loss which may become a claim under this insurance. If this is also unavailable, a reading will be taken from the next nearest national weather service station available to the event location and will be accepted by you and us. 11. There shall be no cover under this Insurance unless the full premium has been received by us prior to the effective date of this policy. 12. This insurance may not be assigned in whole or part without the written consent of us. 13. It is agreed that in the event of Our failure to pay any amount claimed to be due hereunder, We will, at Your request, submit to the jurisdiction of a Court of competent jurisdiction within the United States. Nothing in this clause constitutes or should be understood to constitute a waiver of Our rights to commence an action in any Court of competent jurisdiction in the United States, to remove an action to United States District Court, or to seek a transfer of a case to another Court as permitted by the laws of the United States or any State in the United States. It is further agreed that service of process in such suit may be made upon the person or firm named in the Schedule and that in any suit instituted against any one of them upon this Insurance, We will abide by the final decision of such Court or of any Appellate Court in the event of an appeal. The said person or firm is authorized and directed to accept service on behalf of Us in any such suit and/or upon Your request to give a written undertaking to You that he will enter a general appearance upon Our behalf in the event such a suit shall be instituted. Further, pursuant to any statute of any state, territory or district of the United States which makes provision therefore, We hereby designate the Superintendent, Commissioner or Director of Insurance or other officer specified for that purpose in the statute, or his successor or successors in office, as their true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of You or any beneficiary hereunder arising out of this Insurance, and hereby designate the person or firm named in the Schedule as the person to whom the said officer is authorized to mail such process or a true copy thereof. 14. Terms of this Insurance which are in conflict with the statutes of the state wherein this Insurance is issued are amended to conform to the minimum requirements of such statutes. Part 4 Exclusions What is not covered by this Policy This Insurance does not cover any loss directly or indirectly arising out of, contributed to by, or resulting from: 1. any cause other than an insured peril occurring during the coverage period as stated in the schedule and verified by the claims verification source. 2. any cause in addition to an insured peril. 3. alterations or variance of the event or promotion without our prior written

10 Beazley Weather Guard Event (US. Indemnity) Page 10 approval. 4. any fraud, misrepresentation or concealment by you. 5. nuclear reaction, nuclear radiation or radioactive contamination. Part 5 Claims Procedure We shall not be liable to pay any claim hereunder unless you give notice to the person(s) designated in the attached schedule of any loss which may become a claim under this Insurance. Notice shall be provided within thirty days (30 days) of the last day of the event or promotion, and thereafter as soon as reasonably practicable provide us with the relevant details from the claims verification source. Thereafter we will endeavour to pay claims to you within thirty (30) days from the date the details from the claims verification source have been provided.

11 If you have any questions or would like more information, please contact Christian Phillips or Claire Atley. Beazley Weather Guard Event (US. Indemnity) Page 11