Knock-for-Knock Agreement
When two or more insurers agree to waive their rights of subrogation against the other company or companies. These arrangements are rarely in use today.
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Insurance Industry News from ProgramBusiness.com
Weather Coverage for EventsStorefront Owner ACE Westchester Specialty Commercial Programs http://www.programbusiness.com/tracking/sftracker.asp?Sfid=251 announced that ACE USA has introduced WeatherBacker, 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.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 for the Fourth of July and is available in all 50 states.
For more information and contact details, visit their storefront at http://www.programbusiness.com/tracking/sftracker.asp?Sfid=251
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