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To bind coverage, we need a completed, signed & dated application and a check payable to Global Weather in our office no less than seven days prior to the effective date. Policies are non-cancellable and premium is fully earned.
Once coverage is bound, policies are immediately issued and faxed and mailed. Upon receipt of the policy, the broker or insured should carefully review all terms and conditions. Global Weather should immediately be advised of any discrepancies because no changes can be made to the policy after the event has taken place.
If several dates are covered under one policy and the event has not taken place yet, changes either producing no premium increase or an additional premium can be made to the policy via endorsement.
An example of no premium increase would to change the peril measurement from the closest hourly recording station to an independent weather observer. An example of a premium increase would be to extend the hours of coverage or decrease the rainfall, snowfall threshold.
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