This is the second scheme Biba has rolled out to members this year
Biba members will have access to a new event insurance scheme provided by Lloyd’s insurer Beazley as part of a new deal.
The scheme will grant members access to Beazley’s event cancellation cover for events both in the UK and internationally.
Biba head of technical services Steve Foulsham said: “Beazley has a good track record of event insurance. They’re primarily a London market [insurer] … they wanted to expand and felt Biba was a good partner to work with to achieve that.”
Protection against financial loss arising from cancellation of an event, disruption or rescheduling will be included in the scheme’s core product, and brokers will have access to other policy enhancements such as terrorism, communicable disease or national mourning cover.
Brokers will be able to place cover via Beazley Access or via Beazley’s Lloyd’s syndicate.
Beazley group contingency underwriter Michael Price said: “The extreme weather conditions we are experiencing are a timely reminder of the value of event insurance, and the financial impact of having to cancel or abandon an event.”
Biba is increasing the number of schemes rolled out to its members: this is the second so far in 2014.
Foulsham said: “Our schemes intend to add value to our smaller members by letting them provide cover to their customers in areas they might not have all the right expertise in. That’s the reason for using a specialist market-player like Beazley.”