ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced hurricane cancellation insurance that can be used by hotels in their efforts to attract conferences and conventions to their locations during the hurricane season. This new insurance policy – part of the StormTracker suite of weather insurance products – will pay a stipulated value if a hurricane forces organizers to cancel a conference or convention.
The Hurricane Cancellation policy will pay a pre-determined value to cover the fixed costs incurred in planning a conference that is cancelled plus the incremental cost to rebook the conference at a later date. Coverage will be triggered if a hurricane comes within one hundred miles of the conference location during the term of the policy. This insurance policy will pay 100 percent of the agreed value if the conference is cancelled prior to the commencement date of the conference and 50 percent of the agree value thereafter. This insurance policy is available for coastal areas in the United States and the Caribbean. The coverage period can extend from a few days to the entire hurricane season.
ACE USA’s Hurricane Cancellation insurance product will be marketed through both retail and wholesale insurance brokers. For more information, contact Ravi Nathan, ACE Global Weather at (215) 640-4528 or ravi.nathan@ace-ina.com.
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