14 May 2024News

Arch launches UK specialist events insurance via Arch IQ

Arch Insurance International has launched a specialist regional events insurance for UK-domiciled insureds, available via Arch IQ, a new quote and bind platform.

The product provides event cancellation cover 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 cover 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. 

Timothy Rolph, contingency underwriter, will manage the product and Arch IQ to ensure brokers are provided with a responsive service and have access to technical expertise for more complex risks.

Chris Rackliffe, head of contingency and accident & health said: “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.”

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