Weather Insurance, Insurance Coverage For Weather Related Perils

Weather

The recent spate of natural disasters in Australia and overseas has forced businesses to consider additional types of insurance for financial loss, specifically due to weather-related perils.

Most businesses already carry insurance for physical loss or damage caused by natural disasters, including flood, bushfire and earthquake. Yet often they do not consider protection for potential financial losses caused by drought, excess rainfall, wind, frost etc.

The list is endless

Financial losses due to weather-related perils can be severe and can arise from an almost any source. Examples can include adverse weather resulting in reduced demand for products or services. Delays in fulfilling contractual obligations. Destruction of crop, goods or products. Interruption to supply of raw materials or inflationary pricing of scarce raw materials. The potential list is almost endless.

Not many businesses are immune to the consequences of abnormal weather. Therefore insurance protection is a prudent course of action for one and all.

Innovative solutions

Insurance House Group has been involved in the development of innovative protection products for our clients. Through the use of an insurance or financial product we can transfer risk from our client’s balance sheet to insurance and/or capital markets. Any industry that may suffer financial loss from a weather-related peril should consider this type of insurance protection.

Tailored for you

Insurance House experts can ‘tailor’ a cover specifically for individual businesses or industries. For example, claim payouts can be based on a weather-related index for the ‘trigger event’.

At Insurance House we believe that the use of weather protection as a legitimate financial risk management tool in Australia has been far too slow to develop. Recent adverse weather conditions in Australia have now increased demand to find a solution, and Insurance House is very well placed to assist in this regard.

Who we work with

• Farmers & Croppers
• Public Utilities (Power, Water)
• Entertainment
• Manufacturers (rural chemical or fertiliser manufacturers for example)
• Construction
• Transport
• Civil Works
• Tourism

Where we operate

Based in Australia, we have access to Australian, Lloyd's and European markets.

Key exposures can include

• Drought
• Excessive Heat
• Excessive Cold Conditions
• Excessive Rainfall
• Heavy Snow or Lack of Snow Conditions
• Network Security
• Terrorism
• Engineering

Other benefits

• Practical risk management advice to help reduce future claims which results in better future premium levels
• A high use of IT using commonly used office systems as well as our own tailored systems for issuing bespoke documentation to clients
• Bespoke policy design and conditions that are specific to our clients needs