ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, today introduced WeatherBacker SM , a new insurance product that provides event promoters with coverage against adverse weather. WeatherBacker pays a stipulated value if excessive rain causes a loss of attendance at events.
"With the upcoming Fourth of July celebrations being planned throughout the U.S., this weather coverage will allow event promoters to execute their events with more financial certainty," said Ed Zaccaria, President, ACE Specialty Products. "Our goal is to provide a tailored solution based on the weather peril, event location, the hours covered and revenue at risk at a competitive price."
The WeatherBacker policy will pay a pre-determined value if rain or other defined weather variables such as wind exceed a defined threshold during the hours of coverage. This insurance product will benefit event promoters at locations such as theme parks, golf courses, sports stadiums, film locations, county fairs and conferences. This product may also be used by municipalities and government entities planning fireworks displays and is available in all 50 states.
"This new product is yet another of the broad range of weather risk management products offered by ACE USA," said Ravi Nathan, Senior Vice President, Global Weather for ACE Specialty Products. "Our goal is to develop and market weather products that bridge the gaps left by traditional insurance coverage. We now have weather insurance products targeted toward the agriculture, energy, construction, transportation and entertainment industries."
WeatherBacker will be marketed through both retail and wholesale insurance brokers.
ACE USA is a U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE: ACE). ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com . The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.