Specialized insurer Beazley has announced the launch of hybrid event cancellation coverage for US companies.
While sporting events, conferences and exhibitions are making a comeback in the wake of COVID-19, hybrid events that combine physical and virtual elements are still an important part of event planning and increased audience engagement, Beazley said. .
The success of a hybrid event depends on the proper functioning of both the technology and the physical infrastructure. A failure in either can damage both the finances and the reputation of event organizers.
Beazley’s Hybrid Event Cancellation Coverage offers US businesses protection against these threats in a single policy.
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“Our hybrid event cancellation offering is now available as a single policy, providing protection against both physical and virtual threats that could cause cancellation, abandonment, interruption, postponement, relocation or curtailment,” said Ryan McFadden, Beazley’s contingency subscriber. “It provides peace of mind for organizers of all types of events, from sports to entertainment, trade shows and conferences. The solution offers clear and personalized coverage for the wide range of risks associated with the organization of hybrid events”.
The product is currently available to US-domiciled companies on a surplus line basis, Beazley said.
Earlier this month, Beazley launched the market’s first cyber catastrophe bond.
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