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Weather insurance: blue skies ahead

Article Abstract:

Property and casualty insurance agents can expand their market by offering weather insurance. Inclement weather liability coverage brings in over $100 million in annual premiums and the business is growing. In addition to coverage for clients involved in outdoor projects such as construction or special events, some companies use weather insurance to provide money-back promotions for the sale of seasonal products. Policies may also cover indirect losses. Actuarial tables are based on scientific research of weather patterns. The insurance product is easy to understand and available to local agents.

Weather

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Setting the standard

Article Abstract:

The International Organization for Standardization's ISO 14001 standard for environmental management systems could benefit pollution insurers, most of whom are reluctant to alter established standards. ISO 14001 would help environmental liability policy buyers achieve better terms. Environmental policy prices have fallen dramatically throughout the 1990s; the advent of the ISO 14001 standard, though beneficial to insurer business, could spur further policy price declines.

Standards, Management, Environmental policy, Pollution liability insurance

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Selling good fortune

Article Abstract:

The explosive growth of sweepstakes and contests as marketing tools has created a large market for prize indemnity insurance, a type of special contingency product. The insurance covers various risks involved in promotional events and contests, including the possibility that more prizes will be claimed than the event producer anticipated. The insurance eliminates risk for the event planner and allows for fixed, allocated budgeting of prize payoffs.

Advertising, Advertising and Related Services, Insurance Mgmt NEC, Risk management, Advertising services, Marketing industry

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