Arch launches event cancellation coverage

Arch Insurance International announced the launch of its specialist regional events insurance for UK-domiciled insureds, available via Arch IQ, a new quote and bind platform.

The product provides comprehensive event cancellation coverage for a wide range of UK and European regional events, including conferences and exhibitions, fairs and fêtes, music events, and sports events.

In addition to offering traditional indemnity coverage, Arch is the first insurer to provide event cancellation coverage available on an agreed value basis. This parametric option provides coverage up to a chosen limit, ensuring immediate claims payment upon confirmation of cover following the cancellation or postponement of an event.

The product also offers a selection of extension options, enabling coverage to be tailored to insureds’ specific needs. These include civil commotion, computer system failure, key person, national mourning and terrorism.

The cover is available via Arch’s new instant quote and bind platform, Arch IQ. With a minimal question set, the online system enables brokers to secure a quote in as little as 60 seconds and instantly bind the risk. In addition, risks with limits of indemnity up to £5 million can go through Arch IQ without the need for a referral.

“The launch of our regional event cancellation insurance via Arch IQ is an exciting milestone in our digital strategy to improve our service capabilities and deliver the speed and efficiency of online trading supported by dedicated underwriting expertise. Our aim is to provide quick and simple access to complex events coverage for insurance buyers who may have traditionally found it difficult to obtain this type of protection, and with our innovative agreed value option, insureds have the reassurance of a swift claims service.” – Chris Rackliffe, Head of Contingency and Accident & Health.