Beazley (Lloyd's Syndicate) launches Cancellation Plus, an endorsement that combines broad event cancellation coverage with protection for reduced ticket sales and concessions in the event of poor weather depressing event revenues...
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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 who do attend to spend less time and money at the event.
Beazley's Cancellation Plus coverage enables event organizers to help recoup costs for both cancelled events and those that go on while suffering from poor attendance due to conditions that are exceptionally rainy, cold or hot. Policies with a Cancellation Plus endorsement provide a sublimit to pay out a percentage of projected gross revenues once an agreed trigger and coverage time period is reached - for example, half an inch of rain between 2:00 pm and 8:00 pm.
"Events can be cancelled for a wide range of reasons outside their organizers' control, including non-appearance by performers, power failure and adverse weather," said Christian Phillips, Beazley's US focus group leader for contingency business. "But there are also numerous events that are not cancelled but that merely limp on, with revenues seriously impacted by poor weather. Cancellation Plus covers event organizers for both contingencies, at a markedly lower price than they would pay for buying both forms of coverage separately."
About Beazley: Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Asia, Latin America, Middle East and Australia. Beazley manages six Lloyd's syndicates and, in 2015, underwrote gross premiums of $2,080.9 million.