Weather insurance protects your event against adverse weather conditions which may reduce revenue or increase expenses. It can also be used to increase sales for retail operations as well as stabilize a budget for certain businesses where their revenue is tied solely to weather.
- Fairs / festivals
- Sporting events
- Air shows
- Property management companies
- Municipalities / towns
- Car washes
- Auto dealers
- Jewelers and other retailers
Event Weather Insurance
Event weather insurance protects against adverse weather conditions that can reduce revenue from sources such as ticket sales, concessions, food and parking. Typical buyers of event weather insurance include fairs and festivals, concerts, sporting events, parades and air shows. It can provide coverage for many perils including rain, snow, wind, lightning and adverse weather.
Cost Containment Insurance
Cost containment insurance is designed to limit costs associated with abnormal weather conditions such as snow removal expenses in an abnormally snowy winter, heating costs in a cold or prolonged winter season, or cooling costs in a hot or prolonged summer season. This seasonal or annual coverage responds to pay for each and every inch of snow or degree above the insured amount. Typical buyers of cost containment insurance include property management companies, private schools and hospitals, municipalities and towns.
Income Stabilization Insurance
Income stabilization insurance is a business interruption tool in a simplified format specific to a reduction in revenue or sales tied solely to weather. This seasonal or annual coverage would respond to the loss of revenue caused by adverse weather conditions that affect the business. The insured receives an agreed upon payout per day or per season to offset the shortfall. Typical buyers of income stabilization insurance include restaurants, car washes and pay-for-play golf courses.
Golf Tournament Cancellation Insurance
Golf tournament cancellation insurance provides coverage for the expenses or expected revenue to guarantee donations or fees for charities related to running a golf tournament if it is cancelled within a 12-hour period leading up to the start of the tournament due to adverse weather conditions. The cancellation is determined by a civil authority or the golf course manager deeming the course as unplayable.
Promotional Weather Insurance
Promotional weather insurance is designed to stimulate sales for many types of retailers and manufacturers. If a certain weather event happens on a predetermined day, consumers receive a full or partial refund on purchases made during the promotional period. The policy can insure against rain, snow, or minimum / maximum temperature. Typical buyers of promotional weather insurance include jewelry stores, furniture stores, electronics stores, and auto dealers. An example would be a jewelry store that runs a sales promotion from the day after Thanksgiving through December 15th and states that anyone who makes a purchase during the sales period would get a full refund on their purchase if it snows X amount on Christmas Day at their local airport or other specified location.
Big Day (Wedding) Umbrella Insurance
Big day umbrella insurance is a wedding day rain insurance policy that pays out an agreed upon amount if it rains a predetermined amount on the insured’s wedding day at a specified location and during specified hours. The policy can be purchased by the bride and groom, the wedding party, or even the wedding planner who can use it as an incentive for a couple to hire him or her.
A report on the top wedding related claims of 2012 by Property Casualty 360 indicated that adverse weather accounted for 14% of all wedding day insurance claims. Snow storms, hurricanes and other adverse weather conditions can ruin that special day. A big day umbrella policy can save the day.
How much rain might affect your event? See the rain guidelines