Beazley has come up with an events contingency cover for a very British risk – launching a rainfall policy for UK events.
The cancellation “Plus” insurance offers event organisers revenue protection for reduced ticket sales and concessions when a specified amount of rainfall occurs at their event.
Distinguishing from cancellation protection, Beazley noted events may suffer reduced attendance or early attendee departures because of wet weather conditions.
London-based Beazley noted it already provides events covers for large festivals, concerts and sporting fixtures worldwide.
“Hundreds of events are cancelled, abandoned, interrupted or postponed each year and many more experience poor weather conditions that keep last minute ticket buyers away and cause those in attendance to spend less time and money at the event,” said the Lloyd’s market re/insurer
The “Cancellation Plus” policy provides cover for a proportion of projected gross revenue for the event if a pre-set rainfall trigger is reached.
“Events carry a wide range of risks including non-appearance by performers, power failure, bad weather and other areas outside the control of the organisers,” said Michael Price, UK contingency underwriter for Beazley.
“Cancellation Plus offers organisers the ability to guarantee a proportion of their income, even if wet weather keeps people away,” he added.