London-based insurer Beazley has launched “Cancellation Plus” for the event industry in the United Kingdom, offering event organizers revenue protection for reduced ticket sales and concessions when a specified amount of rainfall occurs at their event.
Beazley said it provides cancellation coverage for thousands of events annually, including many of the largest festivals, concerts and sporting events worldwide.
Each year hundreds of events are canceled, abandoned, interrupted or postponed 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 Beazley in a statement.
Sold in conjunction with an event cancellation policy, Beazley’s “Cancellation Plus” cover enables event organizers “to recoup lost income for events in the United Kingdom that are not canceled, but may suffer from reduced attendance or early attendee departures due to wet weather conditions.”
A Cancellation Plus policy will provide cover for a percentage of the projected gross revenue for the event if the pre-set rainfall trigger is reached during the time period chosen by the event organizer, the company said.
“Events carry a wide range of risks including non-appearance by performers, power failure, bad weather and other areas outside the control of the organizers,” said Michael Price, UK contingency underwriter for Beazley. “Cancellation Plus offers organizers the ability to guarantee a proportion of their income, even if wet weather keeps people away.”