Following the extreme wintry weather of January and December 2010 and its consequential impact upon the finances of UK companies, WeatherBrokers.com have teamed up with ex-BBC presenter John Kettley to launch a new insurance scheme that’s designed to compensate companies and institutions when the ‘wrong’ kind of weather hits.
The scheme offers insurance (minimum sum insured £100,000) against adverse variations in the seasonal norms of temperature, precipitation, snow and sunshine – locally, regionally, nationally or internationally. Companies fearing financially impacting weather may now cover the risk, in part or in full, by taking out a policy designed to provide compensation if the weather does not play ball or takes an extreme turn. The schemes cover any given year, season, month or named period. So it is possible to marry up the precise weather risk a company or institution may face with a bespoke solution.
WeatherBroker’s senior risk meteorologist, Jim Dale, said: “The varying estimates of lost UK revenue due to snow and ice back in December 2010 were between £2-3bn. These kinds of figures represent a colossal amount of lost business and is easily enough to affect the country’s GDP, as recently claimed by the Chancellor. If the weather can do that much damage across a relatively short time frame, then it is plain to see that our new and exciting scheme has come of age and should be a consideration for any organisation with a weather sensitivity.”
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