Beazley introduces Cancellation Plus coverage for rain affected events in the United Kingdom
Beazley, a leading provider of contingency and cancellation insurance, today launched Cancellation Plus for the event industry in the United Kingdom, offering event organisers revenue protection for reduced ticket sales and concessions when a specified amount of rainfall occurs at their event.
Beazley provides cancellation coverage for thousands of events annually, including many of the largest festivals, concerts and sporting events 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.
Sold in conjunction with an event cancellation policy, Beazley's Cancellation Plus cover enables event organisers to recoup lost income for events in the United Kingdom that are not cancelled, 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.
"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."