Weather Insurance a Hot Topic in Las Vegas, Des MoinesRHolmes
Spectrum Weather and Specialty Insurance, Inc., a leading domestic broker of weather insurance, including rain insurance and event cancellation insurance, and other event-related insurance products, will be a featured exhibitor at the annual conference of the International Association of Fairs and Expositions, to be held in Las Vegas, NV, December 8 -12, 2013. The conference plays host to organizers of many of the largest events in the world, bringing those people together with companies that offer products and services that are crucial to each event’s success.
With the price of entertainment continually on the rise, a forced cancellation may cause an extremely stressful fiscal impact to a fair or festival’s overall budget. Most events have exposure to risks that impact an event’s ability to proceed as planned, including earthquakes, wildfires, floods, power outages, labor strikes, and terrorism. Outdoor events are also exposed to severe adverse weather, including hurricanes, tornadoes, and winter storms. Spectrum’s specialty insurance product suite is designed to address all of these risks and more, including the non-appearance of key personnel. “Hundreds of thousands of dollars may be at risk for many of the concerts planned as part of the fairs and festivals of those in attendance at the convention,” says Robert Holmes, Spectrum’s Founder and President, “and with that level of financial commitment, it’s wise to mitigate as much of the risk as possible.” This will be the fifth consecutive year that Holmes has attended the convention.
In addition to the IAFE convention, Spectrum’s President will attend the Association of Iowa Fairs annual convention on December 13 and 14. Held each December in Des Moines, the convention is an opportunity for fair board members from around the state of Iowa to meet and learn how to continually make improvements to their fairs. Rain insurance is often part of the conversation. Rain insurance is available for concerts, truck and tractor pulls, demolition derbies, rodeos, and other events found at local fairs. “For many of the fairs, the grandstand entertainment is the single largest expense in the budget, and the revenue derived from that entertainment is directly related to the fiscal stability of the fair. The occurrence of a copius amount of rain is a significant and uncontrollable variable that impedes an event’s financial success,” states Holmes. “Attendance at the convention allows us to both continue the rain insurance conversation with local fairs and festivals as well as stay in touch with our many clients in the state of Iowa.”
Spectrum was established with the goal of providing rain insurance, event cancellation insurance, snow insurance, and other specialty insurance solutions that are simple to understand and purchase, and with the highest degree of customer service in the industry. Spectrum serves events both large and small, including fairs, festivals, concerts, and other outdoor events impacted by weather. In addition to rain insurance, Spectrum provides liability insurance for events, as well as insurance for weather-based promotions. Spectrum also provides snow insurance to help protect against extremes in winter snowfall for snow removal contractors. For more information about Spectrum Weather and Specialty Insurance, Inc., visit https://www.spectrumweatherinsurance.com.