Weather Insurance has been around for more than a 100 years. It eliminates the financial risk when planning a special event. When an organization is running a festival, fair, concert or any other type of event, the weather may prevent this event from taking place or cause a reduction in attendance. Without the protection of weather insurance, an organization risks losing money it has already invested in planning, marketing and operating the event. A weather insurance policy prevents an organization from losing their investment and/or profits from inclement weather.
Weather Insurance rates are based upon the weather peril, location and date of the event. You can insure any dollar amount you wish. There is no proof of loss. Whatever dollar amount you insure, is what you will receive if the agreed weather peril occurs during the agreed hours. The event does not have to be cancelled.
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Insurance against rainfall is one of the more popular coverages. Rain can have a significant impact on revenues and/or unrecoverable expenses. The weather can turn a promising day of profit and joy into a dreary day of losses and disappointment.
Insure a specific amount of rain during a specific time period. Rainfall is accumulated throughout the specified time period and if it reaches or exceeds the predetermined amount, there would be a claim.
A promoter for a symphony orchestra might want to insure a concert for 5/100″ of rain during the hours of 7:00 PM through 10:00 PM. While a promoter for a rock band might want to insure a concert for 1/3″ of rain during the hours of 7:00 PM through 10:00 PM.
Rain Free Hours
Insure a specific number of hours will be dry during a specific time period. Rain is accumulated for 60 minutes (Hour). Each hour that has 1/100″ or more of rain is determined to be a wet hour. Each hour that has less than 1/100″ of rain is determined to be a dry hour.
A production company for a commercial shoot might want to insure 9 non-consecutive dry hours out of 12 during the hours of 6:00 AM through 6:00 PM. A dry hour is defined as one in which less than 1/100″ of rain occurs. If it rains 1/100″ or more on 4 or more hours, then there would be a claim.
An organizer of a festival might want to insure 8 non-consecutive dry hours out of 14 during the hours of 9:00 AM through 11:00 PM. A dry hour is defined as one in which less than 1/100″ of rain occurs. If it rains 1/100″ or more on 7 or more hours, then there would be a claim. For more information on rain totals, click here.
Everyone remembers when it snows. As a kid you remember huge storms that cancelled school, which enabled you to spend the day sledding or making igloos and snowmen. As an adult it can become an inconvenience, especially when you are the one who has to clear the driveway or sidewalk. The commute to work just became extremely long and frustrating.
As a business person, snow on your special day can become a nightmare. Imagine the low turnout that could occur when it snows on the day of your super sale. A policy can be designed to indemnify you for a snow storm which restricts people from traveling to your event, store or special event. This coverage is quite frequently used for retail stores, corporate events, trade shows, weddings, holiday parties, first nights and galas.
Above normal or below normal temperature can have an undesirable effect on your event or business. After spending countless hours organizing and preparing for the perfect 4th of July celebration, ever wonder how many people would actually show up if the temperature reached 110 Degrees Fahrenheit? How do you think the turnout will be if it is 20 degrees Fahrenheit on the day of your St. Patrick’s Day parade? Temperature insurance gives you peace of mind when planning an outdoor event.