Beazley adds additional cancellation coverage for rain-affected events

Beazley has updated its contingency and cancellation insurance coverage for the event industry in the UK, which now offers event organisers revenue protection for reduced ticket sales and concession when a specified amount of rainfall occurs at their event.

Beazley’s ‘Cancellation Plus’ cover, which is sold in conjunction with its even cancellation policy, enables event organisers to recoup lost income for UK events that are not cancelled, but may suffer from reduced attendance or early attendee departures due to wet weather conditions.

The Cancellation Plus policy also provider cover for a percentage of the projected gross revenue for the event if the pre-set rainfall trigger is reached during the time period chosen by the event organiser.

Michael Price, UK contingency underwriter for Beazley, said: “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.

“Cancellation Plus offers organisers the ability to guarantee a proportion of their income, even if wet weather keeps people away.”