When it comes to insuring motorsport events, few insurance brokers have the experience and passion that Spectrum has. Not only is Spectrum president Robert Holmes a meteorologist with 20+ years of weather risk management experience, but he’s also a former crew member for a late model stock car team. Last year alone, Spectrum insured more than 200 racing events, ranging from automobile races on dirt and asphalt to monster trucks, tractor pulls and drag races.

Whether you’re a racetrack operator or a fair organizer hosting racing events, Spectrum provides customizable and affordable weather insurance options to help minimize the impact of poor weather on your racing event. Follow these three simple steps to build the best insurance policy for your needs.

Step 1: What length of coverage do you need?

Single day – Whether it’s a special race, or a special event such as a monster truck show, demo derby, or night of destruction, coverage can address the weather concerns for that specific day.

Multi-day – Coverage over several days for those weekend specials or end-of-year special events. Each day can have its own coverage hours, limits and other attributes, and is designed to help mitigate the weather’s varying impact on each individual day.

Full season – Coverage can include each date on your schedule. Options with deductibles are available to keep the premium affordable. For example, if you have 24 racing dates, you could obtain a policy that insures each date, but with a two-date deductible. This coverage would pay a claim after the first two rainy dates.

Step 2: What are your concerns?

Rain during your event that may or may not cause you to cancel the event, but will impact the profitability of the event = rain insurance

Types of rain insurance:

    • Traditional rain accumulation insurance – Based on the amount of rainfall that occurs during the coverage hours of a covered day
    • Stepped coverage – Similar to rain accumulation insurance, but is designed so that the more it rains, the greater the claim
    • Non-consecutive dry hours coverage – Based on the amount of time in which rainfall occurs rather than the amount of rainfall accumulation
    • Dual-period coverage – Two coverage periods, each of which could trigger a claim

Excessive heat during your event that will impact the profitability = heat index insurance

    • The heat index is the combination of air temperature and humidity to derive a human-perceived temperature
    • Heat index insurance pays a claim in the amount of the full limit of the policy if the insured level of the heat index is met or exceeded

Weather or non-weather perils during or prior to your event that causes you to cancel all or a portion of the event = event cancellation insurance

    • Does not require a full cancellation; claim may be paid for any portion of the event lost due to a covered peril.
    • Includes both weather and non-weather perils, such as venue unavailability, power outage, fire, flood, and tropical storms.
    • Not limited to specific coverage hours; peril may occur days or weeks prior to the event, such as damage from a storm, days prior, or the issue of a hurricane evacuation order.

If you are concerned about all of the above, we can create a policy that combines these coverage options, which is more cost-efficient than purchasing all types of coverage separately.

Step 3: How do you want to obtain coverage?

Online – Some rain types of rain insurance are available for purchase online through our website.

Through a broker – Need coverage that is a combination of the above or more specific to your needs? Contact us to develop a customized solution for your unique needs.