Now Is the Time to Look into Weather Insurance for Summer EventsRHolmes
Even as snowfall continues to blanket much of the country, it is never too early to request a weather insurance quote for your summer event. Spectrum Weather and Specialty Insurance provides coverage for a variety of outdoor events, such as fairs, festivals, concerts, sporting events, motorsports events and many others. Take some time today to ignore the cold wind and snowfall and plan for your warm outdoor event scheduled for late spring or summer.
The most important thing to consider when planning an outdoor event is how weather could have a negative impact on its success. Nothing dampens (pun intended) an outdoor event more than excessive rainfall. Excessive rainfall adversely affects attendance, and therefore also affects revenues from all sources that rely on purchases made by attendees, which may include walk-up ticket sales, concessions and merchandise. Concessions are particularly sensitive to weather as soggy people tend to spend less on food and beverages than dry people. No one wants to eat a hot dog in a wet bun! Events that are held “rain or shine” may continue in the rain, but the financial success of such an event will be limited.
Spectrum Weather Insurance provides rainfall insurance for a variety of rainfall thresholds, from large amounts that may very well cause the event organizer to cancel the event, to rainfall amounts as low as 0.05” in some cases, which may only cause a slight disruption. The insured chooses the hours for which they need coverage, and Spectrum provides quotes for several rainfall threshold options from which to choose. However, if you could predict the weather, you wouldn’t need weather insurance because you would just plan your event for a perfect day. So, since you can’t guess how much rainfall to expect, our president, Robert Holmes, is an experienced meteorologist and is more than happy to help you decide which rainfall threshold option will offer you the best coverage at the best price.
So why is now the time to obtain your quote? Simply put, if a quote is obtained ahead of time, you can incorporate the cost into your overall budget. Even if your event is scheduled for August or September, quotes obtained in March or April will still be honored later in the year as your event date approaches. When seeking quotes this early, you will be better prepared to incorporate the premium cost with your other costs for the events, and therefore better able to set prices for tickets, concessions and other revenue sources. This proactive approach allows for more reliable financial projections for your event, with fewer surprises afterwards. That’s why we always recommend that our clients reach out to us as early as possible to discuss their coverage options.
If you have questions about the types of weather insurance or event cancellation insurance available, we’re always here to help. Don’t hesitate to give us a call, shoot us an email or meet us at one of the many industry conferences or other events we attend. You can even get a quote online. By discussing your needs with Spectrum, you will benefit from our knowledge of the various weather products available as well as from our experience gained from working with hundreds of events like yours. You can also find more information about weather insurance and event cancellation insurance on our website.