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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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.
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.