Lloyd’ specialist insurer Beazley has introduced a new product for organisers of events affected by rainy weather.
The firm has launched Cancellation Plus, an insurance solution that offers event organisers protection from reduced ticket sales and concessions when a specified amount of rainfall occurs at their events.
The product enables event organisers to recover lost income for events in the UK that are not cancelled, but may suffer from reduced attendance or early attendee departures due to wet weather conditions.
It provides cover for a percentage of the projected gross revenue for the event if the predetermined rainfall trigger is reached during the time period chosen by the event organiser.
"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."
Beazley is offering the new coverage in conjunction with an event cancellation policy.
The insurer noted that every year, hundreds of events are cancelled, abandoned or interrupted because of poor weather conditions that keep last-minute ticket buyers away and force attendees to spend less time and money at the event.
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